Wang Yongli, a former vice president of the Bank of China, has raised significant concerns about the implications of the recently enacted GENIUS Act. Signed into law on July 18, 2023, this legislation is intended to regulate the stablecoin industry, but the report expresses concern that it may have unintended consequences that could jeopardize the sector's stability.
Введение в GENIUS Act
Wang argues that the GENIUS Act permits traditional banks to introduce tokenized deposit products, which could potentially overshadow private stablecoin issuers.
Конкуренция на рынке стабильных монет
He emphasizes that this shift could create a competitive landscape that favors banks, thereby challenging the viability of existing stablecoin providers.
Предупреждение о последствиях
As banks gain new powers under the Act, Wang warns that the stablecoin market may face increased pressure, leading to a possible decline in innovation and diversity within the industry.
The recent concerns raised by Wang Yongli regarding the GENIUS Act highlight the ongoing discussions in the cryptocurrency community, especially in light of the proposed 12-year prison sentence for Do Kwon. For more details, see further insights.
