New developments in the Do Kwon case: The judge focuses on the impact of the GENIUS Act on Algorithmic Stablecoin regulation.

[Coin World] On June 26 (UTC+8), during a status conference in the Southern District Court of New York, the judge presiding over the case of Terraform Labs founder Do Kwon stated that he is “following the GENIUS Act (Guiding and Establishing a National Innovation Act for U.S. Stablecoins).” 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 formally legislated, it could change the regulatory classification of TerraUSD algorithmic stablecoin by the U.S. authorities, thereby impacting the legal basis for the charges against Do Kwon, including securities fraud.