Understanding the Genius Act and Its Impact on Digital Money

What is the primary focus of the Genius Act?

• Creating a digital version of the US dollar

• Banning all cryptocurrencies

• Establishing guidelines for stable coins

• Regulating Bitcoin

How do stable coins differ from cryptocurrencies like Bitcoin?

• They are only used for international transactions

• They are tied to regular money like the US dollar

• They are not tied to any currency

• Their value is highly volatile

What does the Genius Act require from stable coin issuers?

• To issue coins without any backing

• To operate without any federal guidelines

• To hold reserves equivalent to the digital coins issued

• To only allow banks to issue stable coins

What major concern does the Genius Act address regarding CBDCs?

• They are too expensive to implement

• They could lead to excessive government surveillance

• They are not popular among the public

• They are not secure enough

How has President Trump's stance on cryptocurrency changed over time?

• He has always been neutral

• He still opposes it

• He initially opposed it but now supports it

• He has always supported it

What potential benefit do stable coins offer for everyday transactions?

• They make transactions slower

• They are only useful for large corporations

• They increase transaction fees

• They allow for instant payments

What is a significant challenge that remains with the implementation of stable coins?

• Lack of interest from the public

• Stable coins are not backed by any currency

• Unclear consumer protection rules

• Too many stable coins in the market

How might stable coins impact the global role of the US dollar?

• They could weaken the dollar's influence

• They could boost demand for US treasuries

• They have no impact on the dollar

• They could replace the dollar entirely

What is a potential risk of the shift towards digital money?

• It will only benefit tech companies

• It will make cash obsolete immediately

• It will increase the cost of transactions

• It could leave behind those who are not digitally fluent

What is the overall significance of the Genius Act?

• It only affects cryptocurrency investors

• It represents a major shift in how we think about money

• It has no impact on the financial system

• It is a minor change in financial regulations