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Congress Passes GENIUS Act in Major Win for US Crypto Industry
Experts say the legislation could unleash a tidal wave of new stablecoins—and fresh complaints about President Trump's crypto entanglements.
“Competition will be fierce,” says Christian Catalini, founder at MIT Cryptoeconomics Lab and co-creator of Diem, the now-defunct stablecoin project funded by Meta. The Trump-affiliated firm could earn tens of millions of dollars from the deal, which sparked complaints among critics who claimed the transaction amounted to “ foreign policy for sale.” By Liccardo’s estimations, though the GENIUS Act might be imperfect, the urgent need to rein in the “wild west” stablecoin market demanded a calculated compromise.
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