Summary
- Blockworks reported that President Donald Trump signed the stablecoin regulation law called 'GENIUS Act'.
- The 'GENIUS Act' stipulates qualification requirements for stablecoin issuers and states that reserves must be maintained at a 1:1 ratio in United States Dollar or other equivalent liquid assets.
- The law also states that the Bank Secrecy Act applies to stablecoin issuers.
According to Blockworks, a virtual asset (cryptocurrency) specialized media outlet, on the 18th (local time), Donald Trump, President of the United States, signed the stablecoin regulation law 'GENIUS Act'.
This bill establishes qualification requirements for stablecoin issuers and stipulates that reserves must be maintained at a 1:1 ratio in United States Dollar or other equivalent liquid assets. In addition, the Bank Secrecy Act also applies to stablecoin issuers.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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