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Crypto Goes Mainstream with Passage of Genius Act….But Could Stablecoin Cause a Future Without Bank Accounts and Credit Cards?

ABSTRACT: Crypto’s long awaited (by some) legal and regulatory framework is now a reality by passage of the Genius Act (officially named Guiding and Establishing National Innovation for U.S. Stablecoins (“GENIUS”) Act (S. 1582). Rather than going into the minute details of the law, this blog will discuss the potential impact it will have on the U.S. banking system and credit card issuers. This approach especially makes sense since implementation of the Act still requires guidance from the U.S. Department of Treasury, federal banking agencies, state banking agencies, and other government agencies in the form of rulemakings and other actions. What we do know is that stablecoin could be the death of traditional deposit accounts and credit card issuers.

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