The Big Loser From the ‘Genius Act’ Is $156 Billion Crypto Giant Tether
Bill laying out rules for stablecoins would force issuers like Tether to be audited and end risky practices

Congress is set to bring stablecoins into the financial mainstream, with legislation that has sparked a frenzy of interest from startups, banks and even retailers like Walmart that were previously wary of cryptocurrencies.

But the bill, known as the Genius Act, has a tough message for Tether, the No. 1 player in stablecoins: Shape up or get kicked out of the U.S. market.
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