Crypocurrency advocates rejoiced as US Congress passed the Genius Act and the Clarity Act, bringing “Crypto Week” to a successful conclusion.
The brainchild of Tennessee governor Bill Hagerty, the Genius Act paves the way for regulation of stablecoins in the US, with the bill’s fans heralding it as the savior of the dollar.
“America just took a giant leap toward securing its leadership in the digital economy,” said Texas Blockchain Council in a post on X, praising the bill as “a major milestone in the fight for financial freedom and innovation.”
In a separate post, its president Lee Bratcher said: “Stablecoins will ensure the US dollar remains the world’s reserve currency for decades to come!”
Texas is increasingly seen as a trailblazer in the cryptocurrency world. Last month its governor Greg Abbott passed a state law that earmarks funding for a legally endorsed Bitcoin reserve.
In an eventful week for digital assets, US Congress also approved the Clarity Act, which introduces a comprehensive regulatory framework for digital assets, and CBDC Anti-Surveillance State Act – ruling out a centrally controlled digital currency, for the time being at least.
“This historic legislation will bring our payment system into the 21st century,” said Hagerty. It will ensure the dominance of the U.S. dollar.”
Author: Damien Black
The editorial team at #DisruptionBanking has taken all precautions to ensure that no persons or organizations have been adversely affected or offered any sort of financial advice in this article. This article is most definitely not financial advice.
#cryptocurrency #Bitcoin #Texas #GeniusAct #ClarityAct
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