Here’s How the GENIUS ACT Law Will Extensively Transform the Crypto Industry
Main Idea
The GENIUS Act, signed into law by President Donald Trump, introduces regulatory changes to promote crypto-friendly policies, including federal licensing for stablecoin issuers and increased transparency between the SEC and CFTC.
Key Points
1. The GENIUS Act was signed into law on July 18, aligning with President Trump's goal of promoting crypto-friendly regulations.
2. The law addresses challenges faced by crypto founders, including regulatory clarity between the SEC and CFTC.
3. Stablecoin issuers with a market capitalization exceeding $10 billion are required to obtain a federal license and comply with AML/KYC regulations.
4. The Act bans issuers from paying interest or yield on stablecoins, potentially encouraging the entry of lesser-known entities.
5. Stablecoin issuers are classified as financial institutions under the Bank Secrecy Act (BSA), requiring compliance with OFAC sanctions and filing SARs when needed.
Description
The cryptocurrency industry secured a remarkable feat on July 18, when President Donald Trump signed the GENIUS Act into law.
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