Ripple Advocate Deaton Names Circle, RLUSD, and Ethereum as Genius Act Winners

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.