the new USA law on stablecoins that changes everything
The post the new USA law on stablecoins that changes everything appeared on BitcoinEthereumNews.com.
The GENIUS Act, signed by President Trump on July 18, marks the direct entry of the United States into the regulation of stablecoins, launching the public call by the American Treasury to identify innovative tools against financial risks related to digital assets. What does the GENIUS Act foresee for stablecoin and digital asset? The GENIUS Act (Guiding and Establishing National Innovation for US Stablecoins) is the first major federal step on stablecoins in the USA. From July 18, 2024, the provision regulates stablecoins intended for payments, defining precise responsibilities both for issuers and for the regulatory authorities. The central focus concerns the management and monitoring of risks of illicit uses, such as money laundering through crypto. Why the collection of public comments until October 17? The Dipartimento del Tesoro degli Stati Uniti has opened a public consultation on methods, strategies, and techniques to identify and reduce illicit finance risks linked to crypto. Everyone, from individuals to industry operators and think tanks, can submit suggestions by October 17. The stated goal is to integrate the leadership americana in the digital asset sector, creating advanced control tools. According to Treasury Secretary Scott Bessent on X, this feedback will be “essential for the implementation of the law and the strengthening of the USA’s position in crypto.” What risks and technologies are at the center of the new law? The GENIUS Act complements traditional controls with a request for targeted solutions on some key issues: Riciclaggio di denaro (money laundering): focus on the prevention of abuses through stablecoin and crypto Application Programming Interfaces (API): feedback on the interfaces to enable smarter controls Artificial Intelligence (AI): development of systems capable of identifying suspicious transactions Identità digitale: secure and traceable verification of user identities Blockchain monitoring: use of tracking technologies based on blockchain for new forms…
