On Monday, May 26th, with a vote of 66-22 the Senate passed the GENIUS Act. This is a regulatory bill of stablecoins and cryptocurrencies, which aim to protect consumers in the Block chain when buying and selling their crypto. Cryptocurrencies are a form of digital assets that are only available online, typically a digital currency. Such as Bitcoin, a popular crypto currency used by many. These assets are stored in a Block chain technology that combines many computers that participate in digital transactions. All of these devices are linked to one network, the Ledger, which allows consumers to trade their cryptocurrencies without the need of government authority. This system is separate from banks, gravitating from the idea of one source having all the control in your transactions and spending history. Stablecoins have become an investment which could hold benefits in the future of the economy.

This is where the bill comes into play. The purpose of the GENIUS Act is to ensure secure money handling and safety among the consumers. Crypto could become a mainstream tool for digital payments with list being a financial instrument. To improve a better standard, issuers must hold a firm reserve in order to back up consumers that go bankrupt or fail to cash out their holdings in a rapid-fire offloading of coins. Meaning that issuers must have a backup of money to keep their digital assets secure. And in a time of inflation, losing money helplessly is not affordable. The Act also mentions the limitation of government authorities/officials from investing and selling their own crypto. Take for example, the Trump coin. Earlier this year he released his own stablecoin called the Trump meme coin, distributed by the Solana Block chain. For the past couple of months, he has been financially benefitting when people buy his coin; currently he has obtained over $3 billion dollars. Now is this beneficial for local Americans? With trump gaining money people say that it poses a conflict of interest, with a potential threat of future corruption. So be careful when investing in certain cryptocurrencies, keep in mind who you’re supporting ethically.

This bill is just another one small step towards a more technologically advanced society. Even in modern times, people are shifting from paper money to credit/debit cards. Cryptocurrency could be relevant in the future due to the fact that we’re going more online. Fewer people are turning their coins into dollars and turning their dollars into digital currencies. Earlier this week, the U.S. has confirmed that pennies will no longer be produced. As they are labeled “useless” since it has become too costly to make a coin. So please consider investing in cryptocurrency later in time as it could help fight against inflation and keep businesses secure. The future of your money starts now.