At the end of the day, the divide is between the banking sector and the crypto industry. Banks want to protect their traditional deposit business. More broadly, they may be concerned about losing the advantages and privileges they’ve long enjoyed as new players enter the financial landscape and challenge the status quo. Meanwhile, the crypto industry doesn’t want regulation to stifle the potential for financial innovation. The GENIUS Act is about much more than simply regulating stablecoins. Will the rules be designed to protect the existing banking system, or to create a framework where traditional finance and a new financial system can coexist, compete, and evolve together? I think that’s the real issue at the heart of this debate. 🧐🧐
꧁✨Ｄｅｕｓ✨꧂Share
Source:Show original
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information.
Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.