"GENIUS Act, May Take Over a Year to Take Effect"

Last week, the U.S. House of Representatives passed three bills referred to as the virtual asset (cryptocurrency) trio: the GENIUS Act, the Clarity Act, and the Anti-CBDC Surveillance State Act. However, some believe it will take a considerable amount of time before these bills are actually implemented.

According to the American financial magazine Barron's on the 21st (Korean time), Jaret Seiberg, an analyst at TD Securities, predicted that "it could take more than a year for the GENIUS Act to take effect."

Analyst Seiberg explained, "Within a year, the Treasury plans to establish rules on how to obtain eligibility for stablecoin issuance and on how stablecoins pegged to foreign currencies could be issued in the U.S." He also noted, "There may be public comment periods and lawsuits regarding the proposed rules." Furthermore, he added, "It may take as long as three years for stablecoins not compliant with the new law to be banned."

Meanwhile, the Clarity Act and the Anti-CBDC Surveillance State Act still need to pass the Senate. The magazine commented, "The Clarity Act could receive the president's signature by September due to its bipartisan support," but also forecast that "the Anti-CBDC Surveillance State Act may take longer to pass the Senate."