GENIUS Bill Passed Senate as Bessent Predicts $2T Stablecoin Market; Best Wallet Shines

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Yesterday, in a 68–30 vote, the US Senate passed the GENIUS Act – the first significant legislation aimed at regulating stablecoins.

But with regulation comes new rules, coupled with increased government oversight. If you care about safeguarding your digital footprint, anonymous crypto wallets like Best Wallet are worth checking out as the crypto landscape shifts.

These non-custodial solutions grant you complete ownership of your digital assets, eliminating the need for centralized control.

Stablecoins Face Tighter Rules Under GENIUS Act

So, what’s this new crypto bill all about? The GENIUS Act is short for ‘Guaranteeing Essential National Infrastructure Using Stablecoins.’ It aims to bring stability, transparency, and guardrails to the crypto industry, which traditionally operates in a gray area.

Under the new law, only licensed institutions will be able to issue stablecoins.

Large issuers with $10B+ in market capitalization will be required to transition to regulation under a comptroller or file a new application for further conditional approval with the appropriate Federal regulator.

Meanwhile, smaller players must operate under pre-approved state frameworks.

All payment stablecoins must be backed 1:1 by high-quality liquid assets, such as Treasury bills, notes, or bonds.

Moreover, issuers will be required to publish monthly reserve disclosures, segregate customer funds from company operations, and comply with anti-money laundering rules, including customer ID checks and suspicious activity reports. Yield-bearing stablecoins are a no-go.

The Treasury will standardize reserve audits, whereas the Commodity Futures Trading Commission (CFTC) will get limited enforcement power in the spot market.

GENIUS Act Sparks Concerns Over Privacy & Political Influence

Supporters believe the bill has what it takes to increase global trust in fiat-backed digital assets and boost demand for US Treasuries.

What’s more, SkyBridge Capital’s Anthony Scaramucci stated that regulated stablecoins could eliminate up to $7T in global transaction costs.

On the flip side, Senator Elizabeth Warren warns that, if the bill passes, it ‘would enable Trump’s egregious corruption.’ She also fought back by saying that ‘it would mean easier access to money for terrorists and drug cartels.’
The bill hasn’t been without its woes, period. It initially stalled in May after Democrats raised alarm bells over national security risks and potential loopholes.

Fears significantly intensified when reports surfaced about an Abu Dhabi firm planning to invest in Binance using the stablecoin tied to Trump’s World Liberty Financial crypto venture.

But after weeks of negotiations, lawmakers agreed on key revisions: tighter ethics rules for officials who hold stablecoins, stronger bankruptcy protections for bank customers, and a new Treasury mandate to monitor suspicious activity.

Such changes helped secure enough Democratic support for the bill to move forward. Still, problems related to centralized control – including privacy, censorship, and single points of failure – remain key concerns for everyday crypto users.

This is where emerging privacy-oriented solutions, like Best Wallet, come in. The fully decentralized, non-custodial crypto wallet puts you in control of your digital assets, free from government oversight and third-party interference.

Shield Against Government Crypto Control With Best Wallet

Digital freedom shouldn’t come at the cost of control or privacy. Best Wallet takes this into consideration and provides an answer to growing centralization concerns.

The mobile app supports stablecoins like $USDT, as well as major cryptocurrencies like $BTC and $ETH, and even the best crypto presales.

In total, it supports 1K+ digital assets across major networks like Ethereum, Bitcoin, BSC, Base, and Polygon. The app will soon expand its coverage to 60+ blockchains. As such, it provides you with the freedom to explore, trade, and manage an extensive crypto portfolio in one place.

Thanks to its Cross-Chain Swap feature, you also get access to 30 cross-chain bridges, ensuring the best possible swap rates with minimal fees.

You can also rest easy knowing the app is built with security in mind. Best Wallet uses advanced Fireblocks MPC technology to protect your assets from key vulnerabilities, breaches, and hacks.

You can also create secure cloud backups of your multi-chain wallets, which eliminates the need for seed phrases.

And at the core of the app’s ecosystem is $BEST, the wallet’s native token. It unlocks lower transaction fees, staking rights (currently at a hefty 104% APY), and even governance rights on the platform.

Most importantly, Best Wallet is a work in progress, and the app is constantly rolling out updates to stay competitive in the crypto market.

There’s already much to look forward to in the pipeline. One of the most exciting developments is Best Card, a crypto debit card that will soon enable you to spend your digital assets in everyday life – a must-have for a crypto-forward future.

$BEST Opens Possible 185% Gains Amid Stablecoin Reform

The GENIUS Act signals a historic shift: crypto is on the brink of being officially accepted into US legislation.

While regulation could bring trust and transparency to stablecoins, it also means deeper government control, surveillance, and barriers to entry.

If you value privacy in digital ownership, non-custodial crypto wallets like Best Wallet are a great way to stay in control of your virtual assets – away from centralized intermediaries.

This article isn’t financial advice. All crypto investments carry risks, so always do your due diligence and never spend more than you can afford to lose.

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