News & Events

US President Donald Trump has signed the GENIUS Act, the first major federal law regulating cryptocurrency in the United States, signalling a significant shift in national policy and reinforcing his administration’s support for the digital currency sector. The law notably streamlines the process for financial institutions to issue stablecoins.

Passed with strong bipartisan backing in both chambers of Congress by a vote of 308-122, the GENIUS Act establishes a clear federal regulatory framework, providing much-needed clarity for the burgeoning stablecoin market, which is estimated to be worth $250 billion. The legislation requires stablecoins to be fully backed by liquid assets such as US dollars or short-term Treasury bills, along with monthly public disclosures of reserves, measures intended to protect consumers and ensure stability.

The GENIUS Act’s passage followed a nine-hour delay in the House due to intra-party disagreements, but eventually moved forward after compromise. Alongside this bill, the House also approved the CLARITY Act, which proposes regulatory guidelines for various crypto assets and will next be considered by the Senate.

Federal regulators are now tasked with developing detailed rules within six months to implement the new law. While immediate effects for consumers may be limited, supporters believe the GENIUS Act lays a foundation for greater mainstream adoption, innovation, and stability within the US crypto ecosystem.

Read the original article here: https://www.msn.com/en-xl/africa/nigeria/stablecoins-trump-signs-first-major-crypto-bill-into-law/ar-AA1ISiXT?ocid=BingNewsVerp

Citigroup CEO Jane Fraser announced the bank is exploring the development of its stablecoin and expanding into tokenised deposits, marking a significant move into digital assets by one of the world’s largest financial institutions.

The bank’s research arm, Citi Institute, projects that the stablecoin market could reach $1.6 trillion by 2030 in a base-case scenario, with potential growth of up to $3.7 trillion in bullish conditions. Fraser emphasised the bank’s focus on tokenised deposits and confirmed they are exploring crypto custody solutions.

This development aligns with a broader trend of traditional financial institutions entering the stablecoin space, following JPMorgan’s ongoing pilot of its JPMD stablecoin with institutional clients. However, regulatory uncertainty persists as recent House gridlock has stalled progress on key digital asset legislation, including the GENIUS Act, despite its earlier Senate approval.

Despite regulatory challenges, major banks continue to advance their digital asset initiatives, signalling growing institutional confidence in stablecoin technology and its potential to transform digital payments.

Read the original article here: https://www.msn.com/en-us/money/economy/citi-eyes-stablecoin-launch-as-it-predicts-3-7t-market-by-2030/ar-AA1IIwdZ?ocid=BingNewsVerp

The establishment of CARICOM was a landmark achievement for the Caribbean nations, as it aimed to promote economic integration, cooperation, and the shared development of its member states. CARICOM Day serves as a public holiday in Guyana and is recognized in several other Caribbean countries, providing an opportunity to reflect on the region’s collective progress and the importance of regional unity.

On CARICOM Day, member states organise a variety of activities to celebrate the occasion. These include parades, educational campaigns, and cultural events that highlight CARICOM’s achievements and goals. The day is an opportunity for Caribbean citizens to come together and reaffirm their commitment to the regional integration process, which is crucial in addressing common challenges and fostering shared prosperity.

As the Caribbean Community continues to evolve and strengthen its ties, CARICOM Day remains a significant occasion that fosters a sense of community and shared purpose among the region’s nations.