Anil Oncu, CEO of Bitpace, offers an analysis of the GENIUS Act landing on Crypto Week, and what this means in conjunction with the passing of the CLARITY Act.
“US legislation through the GENIUS Act and the CLARITY Act is sending positive sentiment across the market, establishing new levels of control and security in the crypto sector.
“This is a welcome development for many stakeholders, as it further legitimises crypto as an asset class.
“Investors are responding in kind, as ‘Crypto Week’ has generated a positive reception in the market with BTC value rising to a new all-time high, and the total market cap of crypto assets surpassing US$4tn.
“Developments in the US will boost signals to other regions, potentially motivating revision of legislation in other markets. But there is a line that regulatory bodies are looking to walk.
“Jurisdictions are competing to be crypto-friendly hubs, while also establishing control measures through licensing. Engineering regulatory balance will be critical to promoting stablecoin adoption in the future.”
Anıl Öncü, CEO of Bitpace
originally published on fintechmagazine.com