The #USSStablecoinBill refers mainly to two legislative projects in the United States that seek to regulate stablecoins, which are cryptocurrencies linked to stable assets like the dollar. These projects are the GENIUS Act (Senate) and the STABLE Act (House of Representatives).
GENIUS Act: Approved by the Senate Banking Committee, it establishes specific rules for the issuance of stablecoins, including the authority of the Treasury Secretary to freeze suspicious transactions (such as USDT and USDC) and prohibits the issuance of foreign stablecoins within the U.S., although it allows them to circulate in secondary markets. It aims to ensure that stablecoins are backed by sufficient reserves and allows for coordinated federal and state oversight, with severe penalties for non-compliance.
STABLE Act: Proposes a general regulatory framework for the issuance and operation of stablecoins, requiring licenses for issuers, 1:1 backing in verifiable reserves, and oversight by the Federal Reserve and other regulators. It has a broader and bipartisan approach, emphasizing transparency and stability, and contemplates criminal penalties for fraud. Unlike GENIUS, it does not include the Treasury's censorship authority, seeking to foster technological innovation.
Both projects aim to create a clear legal framework for stablecoins, improve consumer protection, avoid financial risks, and position the U.S. as a leader in crypto regulation. However, they have differences in scope and control mechanisms that will need to be reconciled in Congress. The approval of this legislation is a priority for the current administration, with expectations of presidential signing in 2025.
