The US President has signed the GENIUS Act, which recognizes stablecoins as legal assets and introduces regulation for their use. The CEO of Coinbase and representatives from Mastercard have commented on this event.
Significance of the GENIUS Act
The GENIUS Act marks an important step for the crypto industry by recognizing stablecoins as legal assets. This is expected to bring positive changes to the crypto space, especially in the payments sphere.
Comments from Coinbase's CEO
Brian Armstrong, CEO of Coinbase, shared his perspective in an interview with CNBC, stating that the signed act represents a significant milestone for the financial revolution. He stated: > "I hope people realize how important this moment is for crypto. The financial revolution starts here." He also mentioned the need for further legislative progress in the US Congress.
Mastercard's Reaction to the Act
Jesse McWaters, executive vice president at Mastercard, praised the GENIUS Act in his article. He pointed out that stablecoins have now entered a new regulatory and confidence era in digital assets. He mentioned that this law creates global momentum for stablecoins.
The GENIUS Act has become a significant milestone for the crypto industry, opening new opportunities for stablecoins and enhancing existing financial systems.
