The Genius Law of the Senate, a key piece of the regulation of the United States of Stablecoin, will vote this week and must be approved in the coming months, said Wall Street Bernstein corridor in a research report on Monday.
The stable are cryptocurrencies whose value is linked to another asset, such as the US dollar or gold. They play an important role in cryptocurrency markets, providing, among other things, a payment infrastructure, and are also used to transfer money internationally.
Once the law is approved, Bernstein said that he hopes that “stablcoins evolve from the cryptography money to the Internet money rail.”
The law, whose full name is guiding and establishing the National Innovation Law for the United States Stablcoins, is designed to return Stablecoin’s innovation to the country, the report said, adding that it gives an advantage to the regulated emitters of the USA.
It leads to the federal regulation of Stablecoins with a market limit of more than $ 10 billion with the state regulation potential if it is aligned with federal rules.
The bill treats Stablecoins as a digital effective, and its intention is to boost the broader general adoption for payments beyond only using these cryptocurrencies as liquidation currency for digital assets, according to the report.
Genius law “makes it prohibitive that non -financial public companies become stablecoin emitters,” said Bernstein, pointing out recent reports that said Amazon and Walmart were exploring the use of these cryptocurrencies.
If electronic and technology platforms want to adopt these crypts, they will probably have to work with regulated issues of the USA. Instead of issuing their own stablecoins, the report added.
Read more: Stablecoins to be conventional in 2025 after the regulatory progress of the United States: Deutsche Bank
