WAX and Tether co-founder on the impact of the GENIUS Act
The post WAX and Tether co-founder on the impact of the GENIUS Act appeared on BitcoinEthereumNews.com. Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial. This is a follow-up interview to a three-part series of interviews with William Quigley, a cryptocurrency and blockchain investor and co-founder of WAX and Tether, which Selva Ozelli, Esq, CPA, Author of Sustainably Investing in Digital Assets Globally, initially conducted in 2024 exclusively for Crypto.news. Part One is about Sam Bankman-Fried’s and Changpeng Zhao’s prison sentences. Part Two is about cryptocurrency and banking. Part Three is about the future of NFTs. Summary The GENIUS Act, signed by President Trump on July 18, establishes a new era of oversight. While it doesn’t require blockchain, the Act sets reserve, redemption, and compliance rules that could reshape global finance and let foreign issuers like Tether operate under strict conditions. William Quigley emphasizes that tokenization of the global financial system may still be slowed, as the Act enables traditional finance systems to mimic stablecoins without using blockchain. Quigley anticipates corporate finance departments of multinationals will increasingly explore stablecoin issuance, which could boost blockchain adoption indirectly. However, complex tax implications and a lack of mandatory blockchain use may limit stablecoin efficiency for global payments and slow progress toward full financial tokenization. In this follow-up interview, Selva Ozelli asks industry thought leader William Quigley about the impact of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, which President Donald Trump signed into law on July 18, making it the first federal law to regulate USD-backed non-yield-bearing stablecoins. Approved by Congress, resulting in the longest vote on record on Thursday, July 17, the bill’s passage saw the digital asset industry assets surge past a $4 trillion market capitalization for the first time. The GENIUS Act, a giant step to cement the…
The post WAX and Tether co-founder on the impact of the GENIUS Act appeared on BitcoinEthereumNews.com.
Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial. This is a follow-up interview to a three-part series of interviews with William Quigley, a cryptocurrency and blockchain investor and co-founder of WAX and Tether, which Selva Ozelli, Esq, CPA, Author of Sustainably Investing in Digital Assets Globally, initially conducted in 2024 exclusively for Crypto.news. Part One is about Sam Bankman-Fried’s and Changpeng Zhao’s prison sentences. Part Two is about cryptocurrency and banking. Part Three is about the future of NFTs. Summary The GENIUS Act, signed by President Trump on July 18, establishes a new era of oversight. While it doesn’t require blockchain, the Act sets reserve, redemption, and compliance rules that could reshape global finance and let foreign issuers like Tether operate under strict conditions. William Quigley emphasizes that tokenization of the global financial system may still be slowed, as the Act enables traditional finance systems to mimic stablecoins without using blockchain. Quigley anticipates corporate finance departments of multinationals will increasingly explore stablecoin issuance, which could boost blockchain adoption indirectly. However, complex tax implications and a lack of mandatory blockchain use may limit stablecoin efficiency for global payments and slow progress toward full financial tokenization. In this follow-up interview, Selva Ozelli asks industry thought leader William Quigley about the impact of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, which President Donald Trump signed into law on July 18, making it the first federal law to regulate USD-backed non-yield-bearing stablecoins. Approved by Congress, resulting in the longest vote on record on Thursday, July 17, the bill’s passage saw the digital asset industry assets surge past a $4 trillion market capitalization for the first time. The GENIUS Act, a giant step to cement the…
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