On June 4, U.S. Senator Bill Hagerty announced on social media about the proposed GENIUS Act, emphasizing it as a "historic legislation." The primary goal of the bill is to modernize the payment system in the United States, bringing it up to 21st-century standards. This is a strategic move to reinforce the United States' pioneering position in global innovation.
The GENIUS Act not only helps improve payment efficiency but also lays the foundation for integrating new technologies such as cryptocurrencies and decentralized payment mechanisms. Through this, the United States can ensure competitiveness in the rapidly developing digital financial era. Implementing blockchain solutions and advanced DeFi applications will expand the scope and accessibility of the financial ecosystem.
The design of the GENIUS Act also aims to promote close coordination between central banks, financial institutions, and fintech companies to create a more synchronized, flexible, and secure payment environment. The bill focuses on harmonious integration between traditional markets and breakthrough technological trends like stablecoins, digital signature security mechanisms, and smart contracts.
Legalizing and encouraging cryptocurrency applications in the national payment system will help the United States maintain its leadership in financial innovation. Simultaneously, the bill also supports risk control related to cybersecurity and transaction transparency, protecting the interests of consumers and financial institutions from fraudulent or manipulative activities.
Overall, the GENIUS Act is considered a strategic step to update financial infrastructure, aligning with global trends and the rapid development of the digital economy. Legal and technological consensus will help the United States maintain its central innovation position in the digital financial era, while opening up new development opportunities in cryptocurrency and smart payment technology.
