The US has taken a significant step in the development of its cryptocurrency industry with the passage of the GENIUS Act, a law that aims to bring stablecoins and digital currencies into mainstream use. According to Les Borsai, co-founder of Wave Digital Assets, the legislation will benefit the US economy by increasing access to digital currencies for smaller banks and their customers.
A stablecoin is a digital currency pegged to the US dollar, which will be used globally with the support of the GENIUS Act. The law establishes guardrails and consumer protections for stablecoins, setting it apart from previous regulations. Financial experts have expressed concerns that the law may disrupt the economy, but Borsai argues that it will actually promote financial innovation.
Borsai believes that the GENIUS Act will enable smaller banks to issue their own currencies without needing to be traditional banks. This, he claims, will reduce the burden on the nation’s banking system and pave the way for broader adoption of digital currencies. The law is seen as a positive development by Borsai, who sees it as a spark for innovation.
By expanding access to stablecoins, the GENIUS Act aims to strengthen digital currencies across the board. This move is expected to benefit not only smaller banks but also consumers and businesses. As the US continues to navigate its cryptocurrency landscape, this legislation represents an important step forward in promoting financial innovation and growth.
Source: https://www.wjbc.com/2025/06/24/les-borsai-to-newsmax-genius-act-will-benefit-us-economy