” . US President Donald Trump has signed the Genius Act into law, setting the stage for greater cryptocurrency supervision in line with America’s aim to be the global leader in digital assets.The bipartisan bill is one of three that had both Capitol Hill and crypto enthusiasts buzzing, as it would set the US up for the future of finance, while also being a legacy move for Mr Trump, who has gone from crypto sceptic to champion.“The Genius Act could become a defining milestone for stablecoin policy. Moving stablecoins out of regulatory ambiguity won’t just enable institutional participation, it will require it,” said Omar Elassar, managing director of venture capital firm Animoca Brands Middle East.The National reported that cryptocurrencies will not become mainstream unless the acts enforce strong regulations. We take a look at the three acts and how they would redefine cryptocurrency regulation and its future.Genius Act: ‘Long overdue’According to the White House, the Genius Act – formally the Guiding and Establishing National Innovation for US Stablecoins Act – is meant to make America “the undisputed leader in digital assets”.The “long-overdue” law is intended to prioritise consumer protection and strengthen the US dollar’s reserve currency status, in addition to improving national security, which is one of the Trump administration’s pillars.Also, the Genius Act is aimed at bringing “massive” investment and innovation to the US, the world’s top economy – although the latter is being challenged by others, most notably by rival China.The bill details strict regulations for stablecoins, which aim to address cryptocurrencies’ shortcomings by pegging their value to a unit of an underlying asset, are often issued on faster blockchains and backed by state-issued tender such as the dollar, pound, euro and highly liquid reserves including government treasuries or commodities such as precious metals.Also, a stablecoin is different from a central bank digital currency, or CBDC: the former is privately issued, while the latter is government-backed. Both, however, aim to make transactions faster, cheaper and more secure, and would serve emerging markets well.The Genius Act will usher in the creation of the first-federal regulatory system for stablecoins. It also requires 100 per cent reserve backing with liquid assets like the dollar or short-term Treasuries and mandates issuers to make monthly, public disclosures.Should a stablecoin issuer become insolvent, the Genius Act will prioritises stablecoin holders’ claims over all other creditors, it added.“The passage of the Genius Act is a true watershed moment for the US. It is a defining step for responsible crypto policy … giving issuers, builders, and regulators the clear rules they have been asking for,” said Ji-Hun Kim, president of the Washington-based Crypto Council for Innovation.All said, the Genius Act aims to ensure the greenback remains the world’s reserve currency, help fight illicit activity in the crypto world and make the US the global leader for digital assets.Clarity Act: Dual supervisionThe Digital Asset Market Clarity Act of 2025, or Clarity Act, meanwhile, aims to establish a regulatory framework for digital commodities – namely, the classification, offering, trading and supervision of digital assets.It will also define clear lines of jurisdiction between the Securities and Exchange Commission and the Commodity Futures Trading Commission, two of the top US asset regulators that have been monitoring the digital asset situation and cracked down on crime – most notably the case involving jailed FTX boss Sam Bankman-Fried.That means it is expected to be a strict law because, “at its core, it introduces a dual-agency approach to oversight”, said Jerry Huang, an associate at Canadian law firm McMillan.The Clarity Act calls for how digital assets may be offered, sold and traded in the US, and the registration of brokers, dealers and trading facilities, who must maintain fair trading and anti-manipulation systems, ensure real-time transparency and adopt anti-money laundering and know-your-customer programmes.These would help reduce “legal uncertainty for issuers, developers and intermediaries, while strengthening investor protections and market integrity”, Mr Huang added.Anti-CBDC Surveillance State Act: ‘Weapon’ controlThe summary of the Anti-CBDC Surveillance State Act is to “amend the Federal Reserve Act to prohibit the Federal reserve banks from offering certain products or services directly to an individual, to prohibit the use of central bank digital currency for monetary policy and for other purposes”.In other words, a CBDC carries the risk of the government being able to surveil people’s financial transactions and “suppress politically unpopular activity”, said Congressman Tom Emmer, the bill’s main author, who also noted that a CBDC is “is government-controlled, programmable money”.“For years, we have worked to educate our colleagues on the dangers of this insidious technology, which would undermine our values and destroy Americans’ right to privacy. Now, we must codify [CBDC] to ensure that the United States’ digital currency policy remains in the hands of the American people.The bill aims to prevent future administrations from weaponising CBDC technology against the American people, he said.The American Bankers Association agreed in a letter to Mr Emmer, saying that a CBDC “is unnecessary in the US and would present unacceptable risks and costs to the financial system”.Are these bills bulletproof?Whether these three legislations work as they are intended to do so remains to be seen, especially as digital assets remain vulnerable to misuse and are being used in illegal activity – a lot.In 2024, more than 99 per cent of stablecoin volume was legitimate – but stablecoins accounted for about 60 per cent of illicit transaction across the crypto ecosystem, according to an analysis from blockchain platform TRM Labs.“Their speed, liquidity, and perceived stability can make them attractive for ransomware payments, terrorist financing, romance and investment scams, sanctions evasion, over-the-counter fraud and large-scale laundering,” said Ari Redbord, a vice president at San Francisco-based TRM.That corroborates an earlier report from Chainalysis, which found out that 63 per cent of all illicit transaction volumes involve stablecoins.“The integration of stablecoins into traditional finance creates new systemic risk vectors that extend beyond individual protocols or platforms,” analysts at New York-based Chainalysis said. “A failure of a major stablecoin could trigger cascading liquidations across interconnected protocols, potentially freezing large portions of the DeFi [decentralised finance] ecosystem.”Results6pm: Dubai Trophy – Conditions (TB) $100,000 (Turf) 1,200m Winner: Silent Speech, William Buick (jockey), Charlie Appleby(trainer) 6.35pm: Jumeirah Derby Trial – Conditions (TB) $60,000 (T)1,800m Winner: Island Falcon, Frankie Dettori, Saeed bin Suroor 7.10pm: UAE 2000 Guineas Trial – Conditions (TB) $60,000 (Dirt)1,400m Winner: Rawy, Mickael Barzalona, Salem bin Ghadayer 7.45pm: Al Rashidiya – Group 2 (TB) $180,000 (T) 1,800m Winner: Desert Fire, Hector Crouch, Saeed bin Suroor 8.20pm: Al Fahidi Fort – Group 2 (TB) $180,000 (T) 1,400m Winner: Naval Crown, William Buick, Charlie Appleby 8.55pm: Dubawi Stakes – Group 3 (TB) $150,000 (D) 1,200m Winner: Al Tariq, Pat Dobbs, Doug Watsons 9.30pm: Aliyah – Rated Conditions (TB) $80,000 (D) 2,000m Winner: Dubai Icon, Patrick Cosgrave, Saeed bin Suroor Combating coronavirusNational editorial: global co-operation is key to beating coronavirus National editorial: pandemic requires urgent action from world leaders Nick March: the coronavirus dark cloud may have a silver lining Volvo ES90 SpecsEngine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW) Power: 333hp, 449hp, 680hp Torque: 480Nm, 670Nm, 870Nm On sale: Later in 2025 or early 2026, depending on region Price: Exact regional pricing TBAThe specsEngine: 2.0-litre 4cyl turbo Power: 261hp at 5,500rpm Torque: 405Nm at 1,750-3,500rpm Transmission: 9-speed auto Fuel consumption: 6.9L/100km On sale: Now Price: From Dh117,059On Women’s DayDr Nawal Al-Hosany: Why more women should be on the frontlines of climate action Samar Elmnhrawy: How companies in the Middle East can catch up on gender equality The National Editorial: Is there much to celebrate on International Women’s Day 2021? Justin Thomas: Challenge the notion that ‘men are from Mars, women are from Venus’ THE BIOMs Al Ameri likes the variety of her job, and the daily environmental challenges she is presented with. Regular contact with wildlife is the most appealing part of her role at the Environment Agency Abu Dhabi. She loves to explore new destinations and lives by her motto of being a voice in the world, and not an echo. She is the youngest of three children, and has a brother and sister. Her favourite book, Moby Dick by Herman Melville helped inspire her towards a career exploring the natural world. All%20The%20Light%20We%20Cannot%20See%20%3Cp%3E%3Cstrong%3ECreator%3A%20%3C%2Fstrong%3ESteven%20Knight%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%C2%A0%3C%2Fstrong%3EMark%20Ruffalo%2C%20Hugh%20Laurie%2C%20Aria%20Mia%20Loberti%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E1%2F5%C2%A0%3C%2Fp%3E%0AKanguva Director: Siva Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley Rating: 2/5 UK-EU trade at a glanceEU fishing vessels guaranteed access to UK waters for 12 years Co-operation on security initiatives and procurement of defence products Youth experience scheme to work, study or volunteer in UK and EU countries Smoother border management with use of e-gates Cutting red tape on import and export of foodWhile you’re hereHussein Ibish: There are reasons for Democrats and Republicans to be happy Rashmee Roshan Lall: Who are the women driving Joe Biden’s success? The%20Emperor%20and%20the%20Elephant%3Cp%3E%3Cstrong%3EAuthor%3A%20%3C%2Fstrong%3ESam%20Ottewill-Soulsby%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPublisher%3A%20%3C%2Fstrong%3EPrinceton%20University%20Press%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPages%3A%20%3C%2Fstrong%3E392%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAvailable%3A%20%3C%2Fstrong%3EJuly%2011%3C%2Fp%3E%0ADust and sand storms comparedSand storm Particle size: Larger, heavier sand grains Visibility: Often dramatic with thick “walls” of sand Duration: Short-lived, typically localised Travel distance: Limited Source: Open desert areas with strong winds Dust storm Particle size: Much finer, lightweight particles Visibility: Hazy skies but less intense Duration: Can linger for days Travel distance: Long-range, up to thousands of kilometres Source: Can be carried from distant regions The specs Engine: 2.7-litre 4-cylinder Turbomax Power: 310hp Torque: 583Nm Transmission: 8-speed automatic Price: From Dh192,500 On sale: Now ELIOStarring: Yonas Kibreab, Zoe Saldana, Brad Garrett Directors: Madeline Sharafian, Domee Shi, Adrian Molina Rating: 4/5Dubai Bling season threeCast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed Rating: 1/5Whiile you’re hereDamien McElroy: Anti-science attitudes in America are proving lethal Editorial: What makes the UAE such a good place to test vaccines? Editorial: The fight against Covid-19 should be guided by science While you’re hereJoyce Karam: Chaotic first debate unlikely to swing undecideds Hussein Ibish: Donald Trump’s 3-step plan to cling to power Sulaiman Hakemy: Make America lose again UAE currency: the story behind the money in your pocketsUAE coins Dh5 note Dh10 note Dh20 note Killing of Qassem SuleimaniNational Editorial: Suleimani has been killed, now we must de-escalate Mina Al Oraibi: Air strike casts a long shadow over the decade ahead Jack Moore: Why the assassination is such a monumental gamble Matthew Levitt: Iran retains its ability to launch terror attacks Damien McElroy: A CEO tasked with spreading Iran’s influence Hussein Ibish: Trump’s order on solid constitutional ground Rashmee Roshan Lall: Sound of silence in South Asia Jetour T1 specsEngine: 2-litre turbocharged Power: 254hp Torque: 390Nm Price: From Dh126,000 Available: NowLabour disputeThe insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility. – Abdullah Ishnaneh, Partner, BSA Law The candidatesDr Ayham Ammora, scientist and business executive Ali Azeem, business leader Tony Booth, professor of education Lord Browne, former BP chief executive Dr Mohamed El-Erian, economist Professor Wyn Evans, astrophysicist Dr Mark Mann, scientist Gina MIller, anti-Brexit campaigner Lord Smith, former Cabinet minister Sandi Toksvig, broadcaster Fixtures%3Cp%3E%3Cstrong%3EWednesday%2C%20April%203%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3EArsenal%20v%20Luton%20Town%2C%2010.30pm%20(UAE)%3C%2Fp%3E%0A%3Cp%3EManchester%20City%20v%20Aston%20Villa%2C%2011.15pm%20(UAE)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EThursday%2C%20April%204%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3ELiverpool%20v%20Sheffield%20United%2C%2010.30pm%20(UAE)%3C%2Fp%3E%0ASustainable Development Goals1. End poverty in all its forms everywhere 2. End hunger, achieve food security and improved nutrition and promote sustainable agriculture 3. Ensure healthy lives and promote well-being for all at all ages 4. Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all 5. Achieve gender equality and empower all women and girls 6. Ensure availability and sustainable management of water and sanitation for all 7. Ensure access to affordable, reliable, sustainable and modern energy for all 8. Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all 9. Build resilient infrastructure, promote inclusive and sustainable industrialisation and foster innovation 10. Reduce inequality within and among countries 11. Make cities and human settlements inclusive, safe, resilient and sustainable 12. Ensure sustainable consumption and production patterns 13. Take urgent action to combat climate change and its effects 14. Conserve and sustainably use the oceans, seas and marine resources for sustainable development 15. Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss 16. Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels 17. Strengthen the means of implementation and revitalise the global partnership for sustainable development FROM%20THE%20ASHES%3Cp%3EDirector%3A%20Khalid%20Fahad%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Shaima%20Al%20Tayeb%2C%20Wafa%20Muhamad%2C%20Hamss%20Bandar%3C%2Fp%3E%0A%3Cp%3ERating%3A%203%2F5%3C%2Fp%3E%0AMore from Rashmee Roshan LallUS VP candidate Kamala Harris and the complexity of racial identity Beirut blasts: What do we do with the world’s ammonium nitrate? How the pandemic is testing the solidarity of the European Union When it comes to peace, is the EU really a great power? Benefits of first-time home buyers’ scheme Priority access to new homes from participating developers Discounts on sales price of off-plan units Flexible payment plans from developers Mortgages with better interest rates, faster approval times and reduced fees DLD registration fee can be paid through banks or credit cards at zero interest rates ‘Hocus%20Pocus%202’%3Cp%3EDirector%3A%20Anne%20Fletcher%3Cbr%3E%3Cbr%3EStars%3A%20Bette%20Midler%2C%20Sarah%20Jessica%20Parker%2C%20Kathy%20Najimy%3Cbr%3E%3Cbr%3ERating%3A%203.5%2F5%3C%2Fp%3E%0AOn Women’s DayDr Nawal Al-Hosany: Why more women should be on the frontlines of climate action Shelina Janmohamed: Why shouldn’t a spouse be compensated fairly for housework? Samar Elmnhrawy: How companies in the Middle East can catch up on gender equality The National Editorial: Is there much to celebrate on International Women’s Day 2021? The National’s picks4.35pm: Tilal Al Khalediah5.10pm: Continous5.45pm: Raging Torrent6.20pm: West Acre7pm: Flood Zone7.40pm: Straight No Chaser8.15pm: Romantic Warrior8.50pm: Calandogan9.30pm: Forever YoungESSENTIALSThe flights Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes. The hotels Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d’Angkor cost from $261 (Dh960) per night including taxes. The tours A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages. UPI factsMore than 2.2 million Indian tourists arrived in UAE in 2023More than 3.5 million Indians reside in UAEIndian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systemsIndian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactionsWhat can you do?Document everything immediately; including dates, times, locations and witnesses Seek professional advice from a legal expert You can report an incident to HR or an immediate supervisor You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline In criminal cases, you can contact the police for additional supportKey recommendations Fewer criminals put behind bars and more to serve sentences in the community, with short sentences scrapped and many inmates released earlier. Greater use of curfews and exclusion zones to deliver tougher supervision than ever on criminals. Explore wider powers for judges to punish offenders by blocking them from attending football matches, banning them from driving or travelling abroad through an expansion of ‘ancillary orders’. More Intensive Supervision Courts to tackle the root causes of crime such as alcohol and drug abuse – forcing repeat offenders to take part in tough treatment programmes or face prison. Russia’s Muslim Heartlands Dominic Rubin, Oxford Killing of Qassem SuleimaniMina Al Oraibi: Air strike casts a long shadow over the decade ahead Jack Moore: Why the assassination is such a monumental gamble Matthew Levitt: Iran retains its ability to launch terror attacks Damien McElroy: A CEO tasked with spreading Iran’s influence Hussein Ibish: Trump’s order on solid constitutional ground Simon Waldman: Cautious Israel keeping a low profile Inside Palestine-IsraelSaeb Erakat: Palestine can overcome coronavirus Michael Young: The issue with Israel’s ‘iron wall’ Michael Young: What Israel’s divisions mean for Arabs . ”
