The federal government just handed auditors a potential $2 trillion opportunity, but it might also recreate the financial chaos of the 1800s.
In this episode of The Accounting Podcast, I break down the GENIUS Act, new federal stablecoin legislation that mandates monthly attestation reports for every stablecoin issuer.
This creates hundreds of monthly recurring revenue opportunities for accounting firms, but also raises serious questions about whether there are enough qualified auditors to support the system.
The stablecoin market is projected to grow from $234 billion to $2 trillion, creating massive demand for audit services. But are we setting up another "wildcat banking" scenario? And what happens if quantum computing breaks the cryptography that underpins all cryptocurrency?
If you're an auditor or accounting firm owner looking to understand this emerging opportunity and its risks, listen in: https://accounting.show/445
