The U.S. Senate has approved the Genius Act, which aims to regulate stablecoins under federal oversight. This law requires stablecoin issuers to follow anti-money laundering and sanctions rules like banks, while maintaining cash and securities reserves. The law also allows the Federal Reserve to regulate stablecoins to ensure they operate safely.
📃 👈 Law Details 👉 📃
1️⃣ 🧾Compliance with Rules🧾: Stablecoin issuers must comply with anti-money laundering and sanctions rules.
2️⃣ 🧾Reserves🧾: Issuers must maintain cash and securities reserves.
3️⃣ 🧾Federal Oversight🧾: The law allows the Federal Reserve to regulate stablecoins.
📃👈 Law Objectives 👉📃
1️⃣ 🧾Consumer Protection🧾: The law aims to protect consumers by ensuring stablecoins operate safely.
2️⃣ 🧾Promoting Innovation🧾: The law seeks to promote innovation in digital finance.
3️⃣ 🧾Maintaining Financial Stability🧾: The law aims to maintain financial stability by regulating stablecoins.
