New GENIUS Act Stablecoin Rules Are Coming By November. Here's What It Could Mean for the Crypto Market.
U.S. regulators will publish the GENIUS Act's final rules in November.
Overview
Last July, the GENIUS (Guiding and Establishing National Innovation for U.S. Stablecoins) Act was signed into law as the first comprehensive regulatory framework for payment stablecoins. Let's see what that act accomplished, when those rules will take effect, and how they'll affect the companies that rely on stablecoins.
Stablecoins are cryptocurrencies pegged to stable fiat currency, such as the U.S. dollar or euro. They can be held without bank accounts, and their payments are settled 24/7, 365 days a year. They can be used for faster, cheaper money transfers than conventional bank transfers. They can be deposited into third-party lending platforms, automated market makers, and liquidity pools to earn higher yields than bank savings accounts.
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Originally published at www.fool.com.
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