#USStablecoinBill ChatGPT

You said:

USStablecoinBill

ChatGPT said:

The U.S. Senate is currently deliberating the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins), a significant piece of legislation aimed at creating a federal regulatory framework for stablecoins. While the bill initially garnered bipartisan support, recent developments have introduced complexities into its progression.Time+12The Bit Journal+12crypto.news+12Politico

🏛️ Key Provisions of the GENIUS Act

Issuer Authorization: Only entities designated as "permitted payment stablecoin issuers" can legally issue stablecoins in the U.S. These include:

Subsidiaries of insured depository institutions approved to issue stablecoins.

Federal qualified nonbank payment stablecoin issuers regulated by the Office of the Comptroller of the Currency (OCC).

State-qualified payment stablecoin issuers operating under federal standards or state standards substantially similar to federal standards. Cointelegraph+9LawPolicyNavigator.com+9Davis Polk