Ripple Advocate Deaton Names Circle, RLUSD, and Ethereum as Genius Act Winners
Main Idea
John Deaton identifies Circle (USDC), Ripple (RLUSD), and Ethereum (ETH) as key beneficiaries of the newly passed GENIUS Act, which aims to bring regulatory clarity and oversight to stablecoins in the U.S.
Key Points
1. John Deaton stated that Circle (USDC), Ripple (RLUSD), and Ethereum (ETH) are expected to benefit from the GENIUS Act.
2. The GENIUS Act introduces a regulatory framework for stablecoins, enforcing AML and CFT compliance, and mandates reserves in physical cash or U.S. Treasury securities.
3. Ethereum's price dropped nearly 8% due to broader market volatility and weaker-than-expected U.S. employment data.
4. The labor report showed only 73,000 jobs added in July, below forecasts, leading to market-wide risk-off sentiment.
5. The GENIUS Act is seen as a landmark moment for the crypto industry, promoting legitimacy and integration with the traditional financial system.
Description
John Deaton stated that many expect Circle and Ripple to benefit from the legislation
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