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The U.S. Senate passed the GENIUS Act in mid-June before it shuffled up the chain, potentially paving the way for cryptocurrency but could “quite easily, lead to the next global economic crash,” according to of The Conversation.
The GENIUS Act seeks to establish a “comprehensive framework for the issuance and trading of these digital assets, which are typically pegged to a stable value like the US dollar,” according to Gemini analysis. But with many companies now looking to issue their own “stablecoins” — as the act described — could things go horrible wrong.
“Now imagine that in the US, a very big company issues 100 billion USD-pegged stablecoins. The company is successful and has enough assets (including US treasury bills or bonds) to guarantee the coin’s value. It keeps issuing more stablecoins, but then its finances take a turn for the worse,” writes Basco. (MORE NEWS: SEC To Advocate For Small Business Capital In Rural Areas)
“This would set off a chain reaction. Investors would, at some point, realise that the company has issued more stablecoins than the value of US treasuries it claims to have. They would then start returning stablecoins, prompting the company to sell off its US treasury bills to (probably unsuccessfully) calm nervous investors.”
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