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The "GENIUS Act" will prohibit Tether in the United States.
USDT?
The "Genius Act" proposed by U.S. lawmakers may prohibit Tether(USDT) and other algorithmic stablecoins, citing concerns over financial stability and a lack of transparency. The bill aims to regulate stablecoins more strictly, requiring issuers to maintain adequate reserves and undergo regular audits. As the largest stablecoin by market capitalization, Tether's reserve backing and compliance have been under stringent scrutiny.
Review. As USDT is widely used for trading and liquidity, this bill, if passed, could have a significant impact on the cryptocurrency market. Industry advocates argue that excessive regulation could stifle innovation and push cryptocurrency businesses overseas. The bill is currently under review, and debates about its potential impact are ongoing.
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