U.S. Banks Rush To Catch Up On Crypto As GENIUS Act Ushers In Crypto
Main Idea
The GENIUS Act, signed into law in July 2025, establishes the first federal framework for stablecoins and digital assets, prompting U.S. banks to accelerate their engagement with cryptocurrency services.
Key Points
1. The GENIUS Act was signed into law by President Donald Trump on July 18, 2025, creating the first federal regulatory framework for stablecoins and digital assets.
2. Major banks like JPMorgan Chase and Bank of America are developing crypto-related products, such as crypto-collateralized loans, signaling a shift in traditional finance toward digital assets.
3. The bill requires stablecoin issuers to maintain 100% reserve backing and emphasizes transparency, audits, and federal compliance.
4. Congress is also debating the CLARITY Act, which aims to clarify regulatory roles for the SEC and CFTC in overseeing digital assets.
5. Stablecoin transaction volume has grown significantly, with centralized exchanges accounting for a large portion of activity, while banks face challenges in competing with established crypto service providers.
Description
U.S. banks are entering the crypto market as the GENIUS Act and new crypto laws bring regulatory clarity to digital assets and financial services in the United States.
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