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In the end, Crypto Week was a huge success.
President Donald Trump signed the Genius Bill at the end of last week. This not only means that he signed the law to the first stablecoin focused law, but it is also a very important crypto milestone.
But that’s not the end. Currently, there are two laws that pass the DC process. This is the Clarity Act and the Anti-CBDC bill.
Paradigm’s Alexander Greave explained this morning on the Empire Podcast that genius is a “baseline” of Congress and that legislators consider it easy to understand.
Side note: A fun anecdote from Grieve is that “one of the nameless heroes of the lobbying battle of genius was a very difficult group of KFC franchisees who covered the hills and talked about how Stablecoins could reduce the costs of payment and exchange.”
One of the recurring topics that come up in my conversations with people, and the feeling I know I have expressed many times, is that genius is one of the important puzzle pieces waiting for the institution to make his move.
Bank of America, which first expressed its desire for Stablecoin a few months ago, reiterated its position in its revenue call last week. Then we asked the CEO of Charles Schwab to talk about Steve Coin. the Revenue call.
But what about genius is that it doesn’t just open the door Anyone Issues a Stablecoin.
For example, you probably won’t see anything like Libra, a project announced before Facebook pivots into Meta and all its jazz.
Essentially, Grieve explained, according to the new law, “If financial services are not the core of your business, you cannot become an issuer.”
“If these types of companies want to do something in this field, they will take advantage of what others have already built. So you will still have that separation between the customer and the issuer themselves.”
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