Bernstein: Once the GENIUS Act takes effect, stablecoins will become the cash layer of the Internet

Planet Daily News: Bernstein stated that the U.S. stablecoin regulatory bill, the GENIUS Act, is likely to pass and become law in the coming months. Once the bill is passed, stablecoins are expected to develop into the monetary track of the internet and become the cash layer of the internet. Bernstein said the GENIUS Act prohibits non-financial publicly listed companies from becoming stablecoin issuers. However, recent reports suggest that Amazon and Walmart are exploring the use of these cryptocurrencies. If e-commerce and tech platforms want to adopt these cryptocurrencies, they may have to collaborate with regulated U.S. issuers rather than issuing their own stablecoins. (CoinDesk)