The GENIUS Act is progressing in the Senate, focusing on regulating stablecoin issuers. The debate is expected to commence soon, emphasizing market stability and consumer protection.
Senators Bill Hagerty and Kirsten Gillibrand are key advocates for the act, which proposes a dual regulatory framework for stablecoin issuers. Larger entities would face federal oversight, while smaller ones would be state-regulated.
The act aims to prevent past market failures and foster competition by potentially allowing major banks into the stablecoin sector, but careful balancing is essential to support smaller issuers.
Full story here: https://coincu.com/338134-genius-act-stablecoin-regulation-senate