The Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, signed into law on July 18, is billed as the statute that finally drags dollar‑pegged tokens out of the regulatory gray zone into a supervised, payments‑first framework.
Supporters say it offers legal clarity, consumer protections and a path for programmable money. Critics say it raises a deeper question:
If issuers are tightly steered into holding cash and short‑term Treasurys, does that make them…
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