A key stablecoin legislation awaiting a comprehensive vote in the U.S. Senate may be a net positive for the dollar's dominant position in the digital asset economy.
The "Guidance and Establishment of a National Innovation for U.S. Stablecoins" (GENIUS) Act aims to set clear rules for stablecoin collateral and mandates compliance with anti-money laundering laws.
According to a report by Foresight Ventures on May 29, the passage of this bill could solidify the dollar's leading position in the Web3 economy.
The report notes that by requiring stablecoins to be pegged to the dollar at a 1:1 ratio, the GENIUS Act reinforces the dollar's role as the "world's digital settlement currency." Zac Tsui, Investment Director at Foresight Ventures, stated that this also allows fintech companies to develop "compliant, secure, and user-centric financial solutions."
The bill passed a procedural vote in the Senate on May 20 with a vote of 66 to 32. However, industry observers remain cautious before the final full vote, especially after the bill failed to gain crucial support from key Democrats in early May.
Some industry observers believe the GENIUS Act is a first step toward global unified crypto regulation, as other jurisdictions are also watching the regulatory moves of the world's largest economy.
Andrei Grachev, Managing Partner at DWF Labs and Falcon Finance, told Cointelegraph during the Chain Reaction Daily X Spaces program on May 20: "When the U.S. takes action on stablecoin policy, the whole world is watching."
He also said, "Stablecoins are no longer a crypto experiment. They are a better form of currency. Faster, simpler, and more transparent than fiat currency."
The bill aims to set clear guidelines for stablecoin issuers, prohibiting the misappropriation or re-pledging of stablecoin reserve assets.
Stablecoin issuers may also be prohibited from using reserves for "any purpose other than redemption and certain safe investments," including low-risk instruments like treasury repos, to guard against "shadow banking" risks.
Related: Crypto lobbying group says the U.S. SEC should stop regulating most DAOs
Original article: “The GENIUS Act May Solidify the Dollar's Dominance in the Digital Economy”
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