GENIUS Act may cement US dollar dominance in digital economy

The Genius Act could boost the US dollar’s dominance in Web3 by enforcing 1:1 stablecoin backing and compliance, according to a Foresight Ventures report.

A key piece of US stablecoin legislation awaiting a full Senate vote may emerge as a net positive for the US dollar’s dominance in the digital asset economy.

The Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act aims to set clear rules for stablecoin collateralization and mandate compliance with Anti-Money Laundering laws.

The passing of the bill may solidify the US dollar’s leading position in the Web3 economy, according to a May 29 report by Foresight Ventures.

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