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With the GENIUS Act now passed by the US Senate and headed for House approval, stablecoin regulation is on track to be reshaped. Greater oversight and tighter gate-keeping, however, don’t seem to pose a threat to Tether, while crypto wallet rules are good for the Best Wallet Token.
The GENIUS (Guiding and Establishing National Innovation for US Stablecoins) Act is set to mark a major shift in US stablecoin policy, aligning with Trump’s agenda to fast-track crypto regulation.
Not everyone is a fan of the GENIUS Act, though. That includes New York Attorney General Letitia James, who has penned a letter to the US House of Representatives.
In it, James notes “concerns that the STABLE [Stablecoin Transparency and Accountability for a Better Ledger Economy] Act and the GENIUS Act do not contain the necessary guardrails to protect the American public.”
The STABLE Act, by the way, is also currently making its way through approval processes. And like the GENIUS Act, it sets clearer rules and invites institutional players into the space, but under strict conditions.
Laying Down The Law
For instance, the GENIUS Act restricts public companies and entities not based in the US from issuing payment stablecoins if they aren’t primarily engaged in one or more financial activities. It also entails both federal and state licensing and regulatory frameworks.
In other words, only tightly regulated companies will qualify to issue stablecoins. And that could potentially sideline current giants, like Tether ($USDT) – unless they evolve.
In her letter to US Representatives, James also had her say about Tether:
“Both the STABLE Act and GENIUS Act leave room for foreign issuers of US dollar-denominated and backed stablecoins to operate, essentially creating the ‘Tether loophole’.”
Tether, however, appears unbothered, despite being headquartered in El Salvador.
In a recent interview, Tether CEO Paolo Ardoino said that while $USDT doesn’t yet meet the main requirements laid out in the GENIUS Act, he is actively exploring ways to align with the new regulatory direction. Ardinio, in fact, is supportive of the new legislation.
Tether Shows No Fear
Tether is indeed a force to be reckoned with. A $157.8B market cap and 400M+ users globally – including emerging markets – makes it the world’s leading stablecoin issuer. That includes around $125B in treasuries.
And in a recent development, $USDT is now powering a new Tether Layer 1 (L1) blockchain – called Stable – currently in Phase 1 of development.
Backed by Tether and Bitfinex, Stable will deliver fast, cheap, and reliable transactions. That’s along with sub-second finality, EVM compatibility, and $USDT0 integration, for gas-free settlements.
According to Stable’s three-phase roadmap, the blockchain will be fully functional and optimized during the course of next year.
It’s Not Only Stablecoins That Pending Legislation Will Affect
The STABLE Act also proposes strict rules on custodial wallet providers and stablecoin custodians to protect user funds. They must keep customer assets separate from their own, and they can’t mix them unless when pooling funds from multiple users at a regulated institution.
Also, only federal- or state-regulated entities can offer custodial services. However, non-custodial wallet providers are exempt, which protects user autonomy.
All Smiles For The Best Wallet Token
Legislation that’s kind to non-custodial wallets is a major plus for the Best Wallet Token ($BEST). This is the native token behind a leading hot, self-custodial, no KYC, multi-currency, and multi-chain crypto wallet.
The team behind the Best Wallet app is on a mission to capture 40% of the global crypto wallet market by the end of next year. The market is currently worth around $15.5B, and it’s forecast to reach $100.7B by 2033. If Best Wallet makes good on its target, the $BEST token is in for a wild ride.
Source: Grand View Research
Another sign why there’s a good chance we’ll see $BEST pump is its presale success so far. With $13.66M+ already raised, investor interest is strong.
That’s not surprising, considering the benefits that holding $BEST gives you access to. That includes exclusive access to the top presale tokens via the app, better APY staking rewards, and lower transaction fees. And community governance gives holders a say on key project decisions.
The project’s tokenomics are also solid, with 25% of its 10B-strong total token supply allocated to development. That also means more top-level wallet features and holder benefits in the pipeline, as $BEST rolls out its four-phase roadmap.
At the moment, 1 $BEST costs $0.025265, and you can stake it for 101% APY. But bear in mind that, being a presale, the price will increase in stages. Staking rewards are also dynamic. So there’s no better time to buy $BEST than today, if you want to invest at an early-bird price.
Race to the House
The fates of the GENIUS Act and STABLE Act lie in the upper echelons of US bureaucracy. But while the wheels may turn slowly, the Trump administration is eager to get stablecoin legislation signed, sealed, and delivered.
And with non-custodial wallets also being punted by legislators, the Best Wallet Token is showing signs that it could explode.
If you’re considering buying $BEST, be sure to first DYOR. The crypto market is unpredictable. The more research you do upfront, the better prepared you’ll be.
