The GENIUS Act for Dummies \ stacker news ~news

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341 sats \ 13 comments \ @lunin 19 Jul news

The US has just passed its first federal crypto law, which could change everything.
This week, the GENIUS Act was signed into law, providing a clear legal framework for stablecoins. This is more than just a milestone — it marks the beginning of a new financial era.
Stablecoins offer faster, cheaper and more accessible money. They remove intermediaries, operate around the clock, and open the door to new applications, ranging from micropayments to AI-native transactions. Now, they also have legal clarity.
Next in line is the CLARITY Act, which could define how the entire crypto ecosystem operates, including exchanges and blockchains. If passed, it could enable the US to take the lead in the next generation of the internet, where users not only consume, but also own and govern.
This is important not only for developers and investors, but also for anyone who wants a future of transparent and inclusive finance.

I think the most important thing about the GENIUS act is that:

This only really affects banks ability to transact / custody stablecoins. This has no effect on P2P individuals or businesses using stablecoins.

Effectively its just a law focused on regulated banking market that sets requirements for stablecoin issues must meet in order to be used within the regulated banking system.

Its effectively a nothingburger for individuals

16 sats \ 0 replies \ @lunin OP 19 Jul

We just need to wait for the Clarity Act.

22 sats \ 7 replies \ @DarthCoin 19 Jul

TLDR: ignore all this crap, total garbage

0 sats \ 6 replies \ @lunin OP 19 Jul

TLDR: ignore all this crap, total garbage This total garbage affects many people - whether that's for better or worse - but it has to be taken into account!

121 sats \ 5 replies \ @DarthCoin 19 Jul

"affect" how? All that a government "enact" is a scam. The belief in a government and what is doing is the most dangerous superstition. Please stop being a slave statist believing that a gov is doing good for you.

Also think about what does it mean the word "act"....

14 sats \ 4 replies \ @lunin OP 19 Jul

0 sats \ 0 replies \ @DarthCoin 25m "affect" how? All that a government "enact" is a scam. The belief in a government and what is doing is the most dangerous superstition. Please stop being a slave statist believing that a gov is doing good for you. Also think about what does it mean the word "act"....

Follow my line of thinking: I'm not talking about myself, but about the masses that this affects, and therefore affects us - those who understand this 'garbage' - in the end. Do you disagree?

0 sats \ 3 replies \ @DarthCoin 19 Jul

Your line of thinking is a statist thinking. That means total garbage. Please understand that any gov will never do something good for you, the individual. None of their "acts" could or will affect in any way Bitcoin. And I do not give a shit about masses. People are RETARDED and Bitcoin is only for the brave.

14 sats \ 2 replies \ @lunin OP 19 Jul

total garbage So, we're talking about the same thing. I am not suggesting that we ignore 'total garbage'; on the contrary, it must be taken into account — there is no escaping it.

Or do you live in a different world and I can move there too? I would be happy to!

view all 2 replies

0 sats \ 0 replies \ @LibertasBR 20 Jul

This is important not only for developers and investors, but also for anyone who wants a future of transparent and inclusive finance.

You don’t need anyone’s permission to have and use Bitcoin.

0 sats \ 0 replies \ @mod 19 Jul freebie

🚩 This post might be more relevant and engaging in the ~Politics_And_Law territory.

0 sats \ 0 replies \ @Solomonsatoshi 19 Jul

Trumps sponsors get to profit and private sector quasi CBDCs maintain demand for USTs a little longer as the US petrodollar empire still declines.

Chinas mercantile mixed economy has beaten western imperialist crony capitalists and is winning the trade war.

USA cannot make anything with a competitive advantage except military hardware and financial derivates...Death and Debt.

Stablecoins are explicitly debt obligation derivatives built upon fiat.