Treasury's GENIUS Act: Stablecoins as the New Gatekeepers of Finance
Imagine your stablecoin transfers frozen on a whim — that's the GENIUS Act reality. Treasury's latest move slams illicit finance rules on issuers, but skeptics see a surveillance power grab.
⚡ Key Takeaways
- GENIUS Act mandates AML, sanctions compliance for US stablecoin issuers, treating them as BSA financial institutions. 𝕏
- No FDIC insurance for holders, but reserves protected — chilling innovation while protecting banks. 𝕏
- Stalled CLARITY Act leaves broader crypto rules in limbo amid yield and ethics battles. 𝕏
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Originally reported by Cointelegraph
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