Alex Thorn, head of Galaxy’s research, believes that the Genius bill could benefit the USDT and allow the company to operate under more flexible conditions.
According to the current text of the bill, the tetrary can be registered in the United States, but it does not have to do so, and if the company fails to register, the company will not violate the rules.
The main restrictions on exporters of unstable stubbles such as the Tetrian include the ban on intercontinental settlement and the inability to marketing as “stubbles” in the United States.
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Thorne explains that the first ban does not have a great impact on the Tetra at present, but it may affect its acceptance in financial institutions in the future. The second restriction added at the recent meeting of the Senate Banking Committee as amendment prevents USDT as a stubble in the United States but will not stop the trade.
The Genius bill provides a framework for stubbles and specifies the rules of publishing and monitoring them. These include the requirement to have one -on -one reserves with a US dollar, insured bank deposits or short -term treasury securities. The Senate Banking Committee approved the bill on March 13 and is now ready for final voting.
Tetra can be registered through the Currency Control Office (OCC) as a stubbular publisher in the United States. In this case, it will either completely register USDT or create a subsidiary to provide a copy of the rules.
In the event of failure to register, the Tetra may still operate on the regulations of the Office of Foreign Asset Control (ATAC) and the FinCen Implementation Network in the United States.
Thoren also pointed to the greater transparency of the bill on fighting money. The US Treasury Department only declares an unstable foreign exporter unauthorized if it disobeyed legal orders to block or seize assets.
In addition, unstable stubbles will not be considered a cash equivalent in accounting and will not be used for margin or brokerage settlements. However, these restrictions only limit their financial use and will not prevent the trading of stubbles in the United States.
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