Summary
- The U.S. Department of the Treasury announced that it has begun a public comment process as a follow-up measure to the stablecoin regulatory bill, the GENIUS Act.
- Scott Bessent, U.S. Secretary of the Treasury, stated that stablecoins will expand global access to the dollar and lead to an increase in U.S. Treasury bond demand.
- He emphasized that this measure will benefit stablecoin users, issuers, and the U.S. Department of the Treasury alike.
According to The Block, a media outlet specializing in virtual assets (cryptocurrency), on the 18th (local time), the U.S. Department of the Treasury has begun a public comment process regarding what approach financial institutions should take to combat illegal activities related to virtual assets. This measure follows the 'GENUIS Act,' a stablecoin regulatory bill signed by President Donald Trump last month.
Scott Bessent, the U.S. Secretary of the Treasury, stated, "Stablecoins will expand dollar accessibility worldwide and lead to a surge in demand for U.S. Treasury bonds used as collateral," emphasizing, "This is a 'win-win-win' strategy that benefits stablecoin users, issuers, and the U.S. Department of the Treasury alike."
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
