🇺🇸 U.S Senate Banking Committee calls to create clear regulatory framework to "ensure that America becomes the crypto capital of the world."
The US Senate Banking Committee, led by Senator Cynthia Lummis, is working to create a clear regulatory framework for digital assets to make America a global crypto hub. This effort aims to foster responsible innovation while protecting consumers and investors.
Key Proposals:
Strategic Bitcoin Reserve: Senator Lummis's Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act proposes acquiring 1 million Bitcoins, roughly 5% of the total supply, to strengthen the US dollar and promote financial innovation.
Stablecoin Regulation: The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, introduced by Senators Bill Hagerty, Tim Scott, Kirsten Gillibrand, and Cynthia Lummis, establishes a regulatory framework for payment stablecoins, including!
Reserve Requirements: Stablecoin issuers must maintain reserves backing their tokens on a 1:1 basis.
Regulatory Standards: Clear procedures for institutions seeking licenses to issue stablecoins and tailored regulatory standards for issuers.
Supervision and Enforcement: Establishes supervisory, examination, and enforcement regimes with clear limitations.
Progress:
The GENIUS Act passed the Senate Banking Committee with bipartisan support, moving it closer to the Senate floor.
The House Financial Services Committee is also working on similar legislation, such as the STABLE Act.
This regulatory effort aims to promote US leadership in digital assets, maintain dollar dominance, and ensure consumer protection.$BNB
