🚨JUST IN: The GENIUS Act has now been signed into law by @POTUS. This is a new day for Injective and the broader crypto industry.
Here's what the GENIUS Act contains:
- Creates regulatory framework for stablecoins ensuring oversight and stability.
- Only lets approved US issuers create stablecoins, with backup cash and regular audits. Foreign issuers must meet or exceed US regulations.
- Mandates full reserve backing (1:1) and transparency for reserves.
- Limits the Federal Reserve's role by prohibiting the Fed from issuing central-bank digital currencies (CBDC's)
- Creates oversight by both national and state governments for stablecoin issuers to ensure smooth operations.
Promises made. Promises kept. 🇺🇸
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