Back to Congress passes GENIUS Act creating first federal stablecoin framework
b29e6697-962c-47c9-b3b2-d84fdda27ec9
Easy
short answer
What is one potential risk traditional banks highlight regarding the implementation of the GENIUS Act?
Provide a brief explanation in your own words.
Explanation
Banks warn that trillions of dollars in customer deposits could move into stablecoin reserves, which lack Federal Deposit Insurance coverage.
Related Questions
The GENIUS Act requires stablecoin issuers to publicly disclose their reserve holdings.
Easytrue falseIssuers are required to publicly disclose their reserve compositions on a monthly basis under the GENIUS Act.
Easytrue falseUnder the GENIUS Act, the SEC retains primary oversight of payment stablecoins.
Easytrue false
2 more questions available with Premium
Unlock All QuestionsThis question is part of Congress passes GENIUS Act creating first federal stablecoin framework. 5 more questions available.