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CoinOtag 2025-12-05 19:20:08

Former Bank of China VP Warns US Stablecoin Law May Empower Banks Over Private Issuers

US stablecoin legislation, through the GENIUS Act, aims to regulate dollar-backed tokens but risks enabling traditional banks to replace private issuers with tokenized deposits, potentially undermining the crypto industry it seeks to protect, according to former Bank of China VP Wang Yongli. GENIUS Act mandates full reserves in dollars or Treasuries for stablecoins, boosting US [...]

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