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zefredzocohen
@zefredzocohen
GENIUS Act Faces Wave of Opposition Over Trump's Crypto Involvement The United States is voting on the GENIUS Act, which aims to regulate the stablecoin Tether (USDT) and expand oversight of the DeFi sector. Accordingly, the US wants to: - Bring Tether and other non-US-issued stablecoins into the financial regulatory framework. - Increase oversight of DeFi platforms, including decentralized exchanges, lending protocols, and financial smart contracts. Lawmakers are opposing it because they fear that Trump could directly benefit from regulations if the bill is passed, creating a precedent of corrupt officials promoting Crypto.
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