#USStablecoinBill

The US Stablecoin Bill, particularly the GENIUS Act and the STABLE Act, aims to establish a regulatory framework for payment stablecoins in the United States. These bills propose licensing requirements for issuers, mandate 1:1 reserve backing with high-quality liquid assets, and emphasize consumer protection.

The GENIUS Act suggests federal oversight for stablecoin issuers with over $10 billion in outstanding value and state regulation for smaller issuers, requiring state regimes to be "substantially similar" to the federal one. The STABLE Act also provides a dual state and federal path but sets federal standards as the benchmark for state regulations. Both bills aim to clarify that stablecoins are not securities. However, debates continue regarding the balance of state and federal authority, the treatment of foreign issuers, and measures against illicit finance. Recent reports indicate some Democrats are raising concerns about the current form of the GENIUS Act, potentially impacting its progress in the Senate.