🇺🇸:US Stablecoin Bill Update: The GENIUS Act
The U.S. Senate is progressing with the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, aiming to establish a federal regulatory framework for payment stablecoins. This bipartisan bill, introduced by Senator Bill Hagerty and co-sponsored by Senators Kirsten Gillibrand and Cynthia Lummis, seeks to provide clarity and oversight in the rapidly evolving crypto landscape.
Key Provisions:
Establishes licensing requirements for stablecoin issuers.
Mandates that stablecoins be fully backed by U.S. dollars or high-quality liquid assets.
Implements anti-money laundering and consumer protection measures.
Current Status:
The bill passed the Senate Banking Committee with an 18-6 vote.
A full Senate vote is anticipated before Memorial Day.
Recent developments have seen some Democratic senators withdraw support, citing concerns over anti-money laundering provisions and potential conflicts of interest.
For more detailed information, refer to the following sources:
Politico: Senate crypto bill in turmoil
Axios: Schumer's tense debate
Stay informed on how this legislation could shape the future of stablecoins and the broader crypto industry.
