U.S. Senate Passes GENIUS Act, Potentially Impacting Terraform Founder Do Kwon’s Legal Strategy

According to CoinWorld, on June 26 (GMT+8), during a status conference at the Southern District Court of New York, the judge presiding over the case of Terraform Labs founder Do Kwon stated that he is "paying attention to the GENIUS Act (Guiding and Establishing the National Innovation in US Stablecoins Act)." The bill was passed by the Senate on June 17 and is currently awaiting a vote in the House of Representatives and the President's signature. If enacted into law, it could change the US regulatory classification of the TerraUSD algorithmic stablecoin, thereby affecting the legal basis for charges such as securities fraud against Do Kwon.