<ul><li>The GENIUS Act is a stablecoin bill that U.S.-based Bitcoin enthusiasts should pay attention to for its implications on private transactions with crypto assets.</li><li>Senate Democrats are pushing for amendments to the GENIUS Act that could reduce user privacy in crypto transactions as indicated in two documents circulated among Senate Banking Committee Democrats.</li><li>One document criticizes stablecoins as tools for illicit finance and suggests targeting crypto mixers, which may impact Bitcoin users utilizing such technology for privacy.</li><li>Another document, a letter signed by 46 advocacy groups, opposes the GENIUS Act for not doing enough to prevent illicit finance due to its allowance of non-KYC self-hosted wallets, potentially affecting Bitcoin wallets in the future.</li></ul>

Bitcoiners Should Care About The GENIUS Act

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