#USStablecoinBill
Key Provisions of the GENIUS Act:
Definition and Backing:
Issuer Requirements:
Regulatory Oversight: The bill clarifies that stablecoins are not securities, limiting the Securities and Exchange Commission's (SEC) jurisdiction, while placing issuers under banking regulators' supervision.
Bankruptcy Protections: In the event of an issuer's bankruptcy, stablecoin holders would have priority claims over other creditors.
Political Dynamics:
Despite initial bipartisan support, the GENIUS Act has sparked internal debates within the Democratic Party. Progressive senators, including Elizabeth Warren, have raised concerns about potential corruption and the influence of private interests, especially in light of reports linking the Trump family to a $2 billion stablecoin deal with Abu Dhabi. Senate Majority Leader Chuck Schumer has called for caution, urging further discussions before advancing the bill.
Industry Implications:
The GENIUS Act seeks to provide regulatory