IRS Says Crypto Staking is Taxable
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DO NOT UNDERESTIMATE THE CONSEQUENCES OF THIS BILL !!! 1. Clear Regulatory Standards and Reduced Uncertainty on stablecoins should lead to accelerated Institutional Adoption and Mainstream Integration By providing a transparent legal framework, the Act is expected to encourage major financial institutions (such as banks) to issue and use stablecoins, integrating them more fully into mainstream finance. This could lead to greater liquidity, increased competition, and more innovation in digital payments and financial services. 2. Market Consolidation and Competitive Filtering The Act is likely to eliminate weaker or non-compliant stablecoins, resulting in a more concentrated and competitive market dominated by well-regulated issuers. The big guys are likely to grab more market share 3. Strengthening the U.S. Dollar’s role as the leading mean of payment By mandating that stablecoins be backed by U.S. dollar assets, the Act would reinforce the dollar’s status as the world’s main payment currency 4. Increase demand for U.S. Treasury debt. This move is seen as a strategic effort to maintain American leadership in global finance and absorb more government debt through stablecoin reserves. 5. Counter-attack against the probable rise of the digital yuan and non-dollar CDBCs The GENIUS Act mandates that U.S. stablecoins be fully backed 1:1 by U.S. dollars or short-term Treasuries, ensuring that digital dollars remain trusted, liquid, and globally accessible. This strengthens the U.S. dollar’s position as the world’s primary digital settlement currency, directly countering efforts by China to internationalize the eYuan (digital yuan) as a global payment standard. By making digital dollars safe, legal, and widely available, the GENIUS Act helps prevent a scenario where the eYuan could displace the dollar in international trade and finance. This protects U.S. economic influence and the purchasing power of Americans
Source: Crypto Quant