secondlunch71 on Nostr: For those who didn’t know about this bill, here's a simple breakdown: The U.S. ...

For those who didn’t know about this bill, here's a simple breakdown:

The U.S. stablecoin bill – called the GENIUS Act – is a new proposal to create clear rules for stablecoins. Stablecoins are a type of digital money that’s usually tied to something stable, like the U.S. dollar. The idea is to make sure these coins are safe and trustworthy.

The bill says that companies that issue stablecoins must keep enough cash or very safe assets to back up every stablecoin they put into circulation. That way, if someone wants to trade their stablecoin for real money, the company should always be able to do that.

It also says that if one of these companies goes out of business, the people who own stablecoins get paid back first – before company executives or lawmakers who might be involved. This is meant to stop powerful people from playing favorites.

Some people like the bill because it could make stablecoins more common and trusted, maybe even growing the market a lot. But others, like Senator Elizabeth Warren, think it doesn’t do enough to protect people or stop shady deals – especially with people like President Trump being involved in crypto projects.

And that’s about it. What’s your take? Do you support the bill?