SEC Chair Paul Atkins praised the passage of the Genius Act, saying it’s a big move to help digital asset markets and encourage innovators to grow.
The Genius Act is short for “Guiding Genuine Economic Innovation in U.S. Stability.” It’s a new law aimed at giving clear rules for digital assets like stablecoins—digital money designed to hold a steady value against real dollars.
Paul Atkins, who leads the SEC (Securities and Exchange Commission), said passing the Genius Act is “an important step forward for the markets and innovators.” He believes clearer rules will help both businesses and regular people feel safer using crypto.
It tells companies how to digitally act with stablecoins so you know they’re backed by actual money.
It gives regulators like the SEC better ways to watch over digital money to prevent scams.
It may encourage more digital products and services that use crypto in safe ways.
The bill now goes to the President’s desk to be signed into law. Once it’s official, companies will have clearer instructions for building safe crypto products.
Conclusion:
With support from SEC Chair Atkins, the Genius Act could be the key to making digital money safer and more trustworthy. Clear rules may inspire new innovation and stronger markets.
Read Also: US House Passes Crypto Clarity Bills to Shape Future of Stablecoins and CBDCs
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