#GENIUSAct How is stable cryptocurrency regulated in the U.S.?

The stable cryptocurrency bill, titled 'Genius Act', establishes initial limits and consumer protections for cryptocurrency, with reserve requirements, audits, and compliance. Stable cryptocurrencies are digital tokens linked to a stable asset, often the U.S. dollar, to reduce price volatility.

"Worldwide, payment systems are undergoing a revolution," said the Chairman of the House Financial Services Committee, French Hill, from Arkansas, as lawmakers debated stable cryptocurrency legislation on Thursday morning. Hill stated that the bill "will ensure American competitiveness and will be a strong safety barrier for our consumers."

The measure on stable cryptocurrencies is viewed by lawmakers and the industry as a step to add legitimacy and consumer trust to a rapidly growing sector. U.S. Treasury Secretary Scott Bessent said in June that the legislation could help that currency "become a $3.7 trillion market (€3.2 trillion) by the end of the decade."