Industry praises slate of crypto bills, economists unsure of promise
July 25 (UPI) — Congress and President Donald Trump have taken steps toward regulating digital currency with the passage of a package of bills on Capitol Hill.
Trump signed the Guiding and Establishing National Innovation for U.S. Stablecoins Act and, or GENIUS Act, into law last week, establishing a framework for regulating stablecoin, a form of cryptocurrency that is backed by a stable asset.
Industry stakeholders are applauding the law, saying it will enable the United States to be a leader in digital finance. Economists are not unanimously convinced that it will be the consumer-focused game-changer it is made out to be.
“The passage of the GENIUS Act represents an important step toward establishing a clear regulatory foundation…
