GENIUS Act, the new stablecoin regulatory framework!!!
The GENIUS Act requires stablecoin issuers to back their tokens with liquid assets such as US dollars or short-term government bonds on a 1:1 basis.
They must also report reserve composition every month to ensure transparency and protect consumers.
Senator Bill Hagerty, the main sponsor of this bill, stated that these rules will modernize the US financial system.
With this bill, the US will be one step closer to becoming a global leader in the crypto industry. This is a step towards fulfilling President Trump's mission to make America the capital of crypto worldwide..