US President Donald Trump on July 18 signed the GENIUS Act, a landmark bill establishing America’s first comprehensive regulatory framework for stablecoins.
The GENIUS Act, recently passed by the United States, is all set to change our lives until now, only governments issued currencies. Now the GENIUS Act allows non government entities like banks, and even non-banks like an Amazon, to issue currencies called payment stable coins.
CNBC-TV18’s Latha Venkatesh spoke to Barry Eichengreen, Professor of Economics at Berkeley University on GENIUS Act who recently published a very critical piece in The New York Times, saying that the GENIUS Act will bring economic chaos.
Eichengreen expresses concerns about the potential for economic chaos, citing the risk of multiple private coins, lack of interoperability, and the possibility of stablecoins being used for illicit activities. He also highlights the challenge of ensuring compliance with regulations.
#crypto #geniusact #stablecoins #cryptocurrency #cryptocurrencymarket #altcoins #bitcoinrally #cnbctv18
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