#USStablecoinBill 📜 Update 🇺🇸💵
The U.S. Senate is currently grappling with the GENIUS Act, a bipartisan bill aiming to establish a federal regulatory framework for stablecoins . While the bill initially garnered support, recent developments have led to a shift in stance among some lawmakers .
Key Provisions of the GENIUS Act:
Reserve Requirements: Stablecoin issuers must maintain 1:1 reserves backed by U.S. dollars or high-quality liquid assets .
Regulatory Oversight: The bill proposes oversight by federal agencies such as the Federal Reserve, OCC, and FDIC, with provisions for state-level regulation under certain conditions .
Consumer Protections: Mandates include monthly audits, segregation of customer funds, and compliance with anti-money laundering laws .
Political Dynamics: Despite initial bipartisan support, nine Senate Democrats have withdrawn their backing, citing concerns over inadequate measures to prevent money laundering and financial system risks . Additionally, ethical concerns have been raised regarding potential conflicts of interest involving the Trump family's crypto ventures .
Stay tuned for further developments as the debate over stablecoin.
