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Bescent: The implementation of the "GENIUS Act" is vital for ensuring the United States' leadership in the digital asset space.
On August 19, the U.S. Department of the Treasury released a request for comments today in accordance with the requirements of the GENIUS Act. In response, Treasury Secretary Yellen stated that implementing the GENIUS Act is crucial for ensuring the United States' leadership in the digital asset space. Stablecoins will expand the channels for billions of people around the world to use the dollar and lead to a surge in demand for U.S. Treasury securities that support stablecoins. "This is a win-win-win situation for all participants: stablecoin users, stablecoin issuers, and the U.S. Department of the Treasury."