Big News from CEX L2s
GENIUS goes to the House while Coinbase converses with the SEC about tokenized stocks.
On Tuesday, the U.S. Senate passed the GENIUS Act with 68-30 bipartisan support, advancing the bill onto the House of Representative and marking the first crypto-specific legislative action in American history.
Short for “Guiding and Establishing National Innovation for U.S. Stablecoins,” the GENIUS ACT is a comprehensive stablecoin regulatory framework introduced by Tennessee Senator Bill Hagerty for “payment stablecoins,” or digital assets that are pegged to a monetary unit of account (like the U.S. dollar) and whose issuer is obligated to convert, redeem, or repurchase the tokens for a fixed value.
While the enactment of GENIUS into law may undermine Tether’s longstanding dominance of the stablecoin sector, it could also open the doors for registered institutions to treat stablecoins as cash for accounting purposes, post stablecoins as collateral for financial transactions, and conduct inter-bank settlement with stablecoins.
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Jack Inabinet
Jack Inabinet is a Senior Analyst with a passion for exploring the bleeding edge of crypto and finance. Prior to joining Bankless, Jack worked as an analyst at HAL Real Estate where he conducted market research and financial analysis for commercial real estate development and acquisition activities in the Seattle region. He graduated from the University of Washington’s Michael G. Foster School of Business.
