Russian GENIUS Act: The Silent Revolution in US Crypto Regulation
While the world was busy debating Bitcoin and decentralization, the U.S. quietly — and swiftly — passed the first-ever nationwide crypto mega-regulation: the GENIUS Act. Trump’s signature is just days away. Here's what it really means:
Free-floating stablecoins are now illegal
Issuing a stablecoin without a license? That’s now punishable by up to $1 million in daily fines or five years in prison — even for foreign companies or platforms that merely facilitate trading such tokens.
Yes, DeFi wallets are included if they support unauthorized coins.
Want to issue a stablecoin? Be a bank.
Must hold 100% reserves in cash or short-term Treasuries. No interest payouts to holders. Audited public reports certified by both CEO and CFO. Any breach? Criminal liability
Foreign issuers locked out
Stablecoins from abroad are banned unless they:
- Register with U.S. regulators
- Hold reserves in U.S. banks
- Operate outside high-risk jurisdictions
Not the digital dollar… but close
This isn’t the official digital dollar, but it’s a monopoly on its creation. Only Treasury-approved entities can issue them. Even holding a stablecoin without a license could be problematic. This might be the beginning of the end for private stablecoins in the U.S.
GENIUS: Nice acronym, tighter control
Sure, Guiding and Establishing National Innovation for US Stablecoinssounds visionary. But in practice, it means innovation now comes with a permission slip.
Bottom line: The U.S. has chosen control over decentralization. You’re either in the system — or you’re out.
Is this the digital-age Patriot Act?
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