BREAKING: 🇺🇸 Senate officially passes 'Genius Act' crypto stablecoin bill. The GENIUS Act will protect consumers and ensure the United States remains a leader in blockchain innovation. Passing this bill with a bipartisan majority is HUGE for the digital assets industry. Let's keep the momentum going...onward to the House. 🧵 Today, on a bipartisan basis, the Senate passed its first piece of major legislation this Congress with my bill -- the GENIUS Act.   With GENIUS, the United States is one step closer to becoming the crypto capital of the world. The GENIUS Act establishes the first ever pro-growth regulatory framework for payment stablecoins. This bill will cement US dollar dominance, protect customers, increase demand for US treasuries, and ensure that innovation in the digital asset space is in the hands of the United States of America, not our adversaries. (2/7) With GENIUS, the value of stablecoins will be pegged to the U.S. dollar and backed 1 to 1 by cash or short-term U.S. treasuries.   By combining the dollar’s advantages with the speed and efficiency of blockchain technology, the GENIUS Act facilitates trad-fi’s adoption of crypto and ushers in a new generation in payment processing.   The prospect of faster and cheaper payments will have far-reaching implications for our financial system. (3/7) Once the GENIUS Act is law, corporations, small businesses, and individuals will be able to settle payments nearly instantaneously, rather than wait for days or weeks and accrue the fees that go with it. Put simply, stablecoins are a paradigm-shifting development that can bring our payment system into the twenty-first century. (4/7) This legislation establishes procedures for issuing stablecoins, designates clear roles for federal and state regulators, implements standards for consumer protection, and includes strong safeguards to deter illicit activity. (5/7) Projections show that with the passage of GENIUS, stablecoin issuers could become the world’s largest holders of U.S. Treasuries by 2030. Such an outcome would shore up our fiscal resilience and cement the U.S. dollar’s status as the global reserve currency. (6/7) Today was a big win for the United States of America. I’d like to thank my colleagues for supporting this legislation. Particularly, I’d like to thank @LeaderJohnThune, @SenatorTimScott, @SenLummis, @SenGillibrand, and @Sen_Alsobrooks for helping to get this across the finish line. (7/7) 👆👆👆 Based on the above information and the potential impact it'll have on the world of finance, I think it's time for our African leaders to come together as one and start educating their citizens about the differences between the blockchain based cryptocurrencies (powerd by this new legislation, which will become a law very soon) and the Gold and Solar backed *AKL LUMI* (powerd by the ADCB) backed by the numerous resources in the Continent of Africa 🌍. Let's wake our people and leaders up before it's too late for our Continent once again! Let's make the needed noise from individuals to families to communities to nations, until the whole Continent hears about our own currency - *AKL LUMI*