Trump has one motive lately make America profitable again. He is imposing trade rules and making even allies panic. So much so people are kind of afraid to deal with USD. And many have decided to move into crypto for the transactions. Which means trump was going to tight over there as well with the stablecoin regulation. And that is now happening. 

In case of the regulation side USD is getting regulated and the stablecoins are going to get the preference for the new act that would be imposing rules on the usage and guidlines for the stablecoin makers. 

I asked Grok about the detailed limits of the act and how it would impact the world. You can check the above tweet and open more about the depth of this act. 

If I have to sum it up in short. I would say that this act would hurt the exchanges as they would be forced to keep the data for who is holding and how much they are holding. And this would impact the exchanges. It would also impact any entities making use of the USD based stablecoins internationally too. 

There are going to be issues with cross border payments as they too would be tracked by IMF like they are doing with the cash and other assets which are on the internet. It would also mess with the payments online which make use of the USD as a pegging in the stablecoin. So you are forced to other tokens and try to peg them to USD. I feel this would reduce stablecoin usage among anonymous users.

But for those who don't care about the USD's dominance and encroaching on the anonymity and freedom. You would notice that the end users dont care and they would be making the right choices for their own direction in upcoming times if you ask me.

Let's see where the GENIUS act goes and how it impacts the crypto market in upcoming months. More altcoins would try to do damage control and also pricing would have some bloodshed but in grand scheme bullying from USA has started already.