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The law addresses numerous long-standing challenges faced by crypto founders and external institutional players as they integrate into the crypto space. Some key regulatory policy evolutions made possible by the GENIUS Act include increased transparency regarding the sovereignty of the SEC versus the CFTC, as well as the federal licensing of stablecoin issues, among others.
What the GENIUS Act requires from Stablecoin issuers
The Act introduces a two-tier licensing system that strictly limits the issuing of payment stablecoins within the United States to specific payment stablecoin issuers.
To become a payment stablecoin issuer, interested participants with stablecoins valued at over $10 billion can opt for a state-level license that complies with federal requirements. In comparison, issuers with a market capitalization exceeding $10 billion are required to obtain a federal license.
Under the Bank Secrecy Act (BSA), stablecoin issuers are classified as financial institutions. They are required not only to apply compliance measures from the inception stage but also to comply with orders requesting the lawful restrictions of their stablecoins.
 
Issuers are also required to enforce AML/KYC, remain ahead of questionable activities, keep up with OFAC sanctions, and file for SARs when needed.
How the Act could transform the Crypto industry
The implementation of the GENIUS Act could permanently transform the crypto industry as the new law accommodates and addresses the needs of stablecoin issuers, external institutions entering the crypto space, and current and future consumers.
With the Act banning issuers from paying interest or yield on stablecoin, consumers are shielded from risky yield schemes. For issuers, the aforementioned dual licensing system supports the presence of smaller players, thus encouraging the entrance of lesser-known entities.
Source: https://zycrypto.com/heres-how-the-genius-act-law-will-extensively-transform-the-crypto-industry/