What is the GENIUS Act, the crypto bill that passed Senate?
Unless you are super into cryptocurrency, it’s really easy to tune out crypto news — just like you tune out your cousin who spends family get-togethers bragging about all the money he’s making from Bitcoin.
But you might want to actually pay attention to the piece of crypto news that came out of the U.S. Senate last night: A bill called the GENIUS Act took a key step towards becoming law.
Among other things, it would allow banks — regular, normal banks — to issue a form of cryptocurrency called “stablecoins.”
Unlike Bitcoin or Dogecoin or other cryptocurrencies whose values are extremely volatile, stablecoins are supposed to be stable. One of them should equal one dollar, today, tomorrow and forever.
Dante Disparte is chief…
