Is a new framework for stablecoins in the U.S.?
The United States Senate is debating the bill "Guiding and Establishing National Innovation for US Stablecoins Act" (GENIUS Act), which seeks to establish a federal regulatory framework for stablecoins. Axios+5Pensions & Investments+5Mayer Brown+5
The bill proposes that stablecoin issuers be authorized and supervised at the federal level, with 1:1 backed reserve requirements and compliance with anti-money laundering laws. cov.com+1Pensions & Investments+1
However, the bill faces challenges. Nine Democratic senators have withdrawn their support, citing concerns about the lack of protections against money laundering and risks to financial security.
Additionally, there is controversy over potential conflicts of interest related to investments in stablecoins by companies linked to the Trump family.
Despite these obstacles, the bill has bipartisan support and could advance in the coming months.