Analyst Warns US GENIUS Act Could Lead to a Tether Ban
The post Analyst Warns US GENIUS Act Could Lead to a Tether Ban appeared on BitcoinEthereumNews.com. Analyst Jacob King is warning that the new US GENIUS Act for stablecoins could effectively ban Tether (USDT) He alleges that Tether provides 85-90% of Bitcoin’s trading volume and its removal would crash the market The warning comes as the U.S. House prepares for a final vote on the landmark stablecoin legislation this week Crypto analyst Jacob King has warned about a potential market collapse if the U.S. Senate passes the GENIUS Act, a bill he claims could lead to the banning of Tether (USDT) in the United States. King believes the stablecoin’s removal from the U.S. market would shake the entire crypto ecosystem, particularly Bitcoin. King’s Thesis: The Tether-Bitcoin Connection According to King on X, Tether provides an estimated 85–90% of the daily trading volume for Bitcoin. He alleges that the company has been printing large amounts of USDT without proper backing in an attempt to support cryptocurrency prices. Related: Congress Passes Final Procedural Vote on Crypto Bills, Members to Make Final Decision on GENIUS Act Today Tether’s transparency and reserves have been long debated within the crypto industry. The company has repeatedly defended its reserves and claimed full backing of issued tokens. However, critics continue to call for more regulatory oversight. GENIUS Act Raises Alarm King claims the proposed GENIUS Act, if passed, would effectively ban Tether in the United States. The GENIUS Act, backed by President Donald Trump, proposes strict reserve, liquidity, and compliance requirements for stablecoins. Pro-XRP attorney Jeremy Hogan had once echoed King’s sentiment. He noted that these measures, especially related to sanctions compliance and anti-money laundering, could make it difficult for Tether to operate legally in the U.S. I only had time tonight to skim-read the new proposed stablecoin bill, the humbly named “Genius Act.” A couple of thoughts and a big QUESTION I…
The post Analyst Warns US GENIUS Act Could Lead to a Tether Ban appeared on BitcoinEthereumNews.com.
Analyst Jacob King is warning that the new US GENIUS Act for stablecoins could effectively ban Tether (USDT) He alleges that Tether provides 85-90% of Bitcoin’s trading volume and its removal would crash the market The warning comes as the U.S. House prepares for a final vote on the landmark stablecoin legislation this week Crypto analyst Jacob King has warned about a potential market collapse if the U.S. Senate passes the GENIUS Act, a bill he claims could lead to the banning of Tether (USDT) in the United States. King believes the stablecoin’s removal from the U.S. market would shake the entire crypto ecosystem, particularly Bitcoin. King’s Thesis: The Tether-Bitcoin Connection According to King on X, Tether provides an estimated 85–90% of the daily trading volume for Bitcoin. He alleges that the company has been printing large amounts of USDT without proper backing in an attempt to support cryptocurrency prices. Related: Congress Passes Final Procedural Vote on Crypto Bills, Members to Make Final Decision on GENIUS Act Today Tether’s transparency and reserves have been long debated within the crypto industry. The company has repeatedly defended its reserves and claimed full backing of issued tokens. However, critics continue to call for more regulatory oversight. GENIUS Act Raises Alarm King claims the proposed GENIUS Act, if passed, would effectively ban Tether in the United States. The GENIUS Act, backed by President Donald Trump, proposes strict reserve, liquidity, and compliance requirements for stablecoins. Pro-XRP attorney Jeremy Hogan had once echoed King’s sentiment. He noted that these measures, especially related to sanctions compliance and anti-money laundering, could make it difficult for Tether to operate legally in the U.S. I only had time tonight to skim-read the new proposed stablecoin bill, the humbly named “Genius Act.” A couple of thoughts and a big QUESTION I…
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