The recent US stablecoin bill GENIUS has sparked debates among experts, including Jean Rausis, who sees it as an attempt to introduce central bank digital currencies.
Introduction to GENIUS Act
The 'GENIUS' Act, proposed by Senator Bill Hagerty, sets regulatory frameworks for overcollateralized stablecoins like USDT and USDC. The bill includes stringent requirements on anti-money laundering, reserve backing, and sanctions checks.
Jean Rausis's Commentary
Jean Rausis, co-founder of the Smardex platform, stated that 'the government realizes that controlling stablecoins means controlling financial transactions.' He believes this approach offers the same level of control as central bank digital currencies.
Strategic Implications of the New Law
The bill's frameworks may give US-based stablecoin issuers an advantage over international competitors. The use of stablecoins will potentially cement the dollar’s role as a global reserve currency, increasing demand for US government debt.
The regulation of stablecoins may become a key to controlling financial transactions. Experts suggest that the implications of the new provisions require careful consideration in the context of the global financial system.
