Fed Governor Barr on Stablecoins, GENIUS Act
Bitcoin & Crypto News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Federal Reserve Governor Michael Barr discusses the new GENIUS Act, which establishes a federal framework for payment stablecoins in the US. He highlights the potential benefits of stablecoins, such as reducing remittance fees and improving trade finance, but also warns about risks like issuers chasing risky yields. The act requires one-to-one reserves, but concerns remain about bank run risks, money laundering gaps, and weak consumer protections. Agencies are now drafting capital and liquidity rules, and the Treasury has launched a second public comment round to balance innovation with safeguards. The rollout is expected within eighteen months post-signing or one hundred twenty days after final rules.
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