Zach
@zherring
My attempt to summarize GENIUS, lmk what crucial details I didn't cover. 1. Creates regulatory clarity for US entities like banks and tech companies to issue a digital dollar. 2. Banks have stayed out bc of regulatory uncertainty which has given companies like Circle a head start. 2.1 similar story re large companies. Paypal was about to issue one when Biden admin clamp down made them gun-shy. Only crypto companies further out on risk curve attempted it, only one survived (Circle). 3. Requires 1:1 backing with liquid assets (treasuries) 4. Audit, disclosure, registration requirements, (<= $10B circulating supply, register with state issuer is domiciled in, >$10B, registering with a federal agency I forget which). 5. No FDIC 6. Yield bearing stable coins not allowed
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Waqas
@worqas
300 $degen
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