Big Banks Challenge GENIUS Act

The GENIUS Act, a bipartisan law for stablecoins, is now in implementation phase by regulators. Big banks are pushing for changes, aiming to ban third-party rewards for stablecoin holders. However, stablecoins under the GENIUS Act are fully backed by safe assets, making them safer than traditional banking. Allowing the Treasury to complete the implementation process is crucial for maintaining bipartisan trust and future legislative agreements.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.