๐บ๐ธ #USStablecoinBill: The GENIUS Act Faces Political Turbulence ๐๏ธ๐ธ
The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act aims to create a federal framework for stablecoin regulation. However, recent developments have stirred political contention:
Key Provisions of the GENIUS Act:
Licensing Requirements: Only federally or state-licensed entities can issue payment stablecoins.
Reserve Backing: Stablecoins must be backed 1:1 with U.S. dollars or short-term treasuries.
Consumer Protections: Holders would have priority claims in issuer bankruptcies.
Regulatory Oversight: Oversight by the Office of the Comptroller of the Currency (OCC) and state regulators.
Political Challenges:
Democratic Opposition: Nine Senate Democrats, including Sen. Ruben Gallego, have withdrawn support, citing concerns over anti-money laundering provisions and national security.
Trump's Involvement: