U.S. Senator Bill Hagerty to introduce stablecoin bill

Senator Bill Hagerty is set to introduce a new stablecoin bill as the largely crypto-friendly Republican Party seeks further regulatory clarity for the industry.

The stablecoin bill comes a few months after Hagerty unveiled draft legislation on the topic in October 2024. This effort aligns with similar proposals pushed in the House of Representatives, including drafts from former House Financial Services Committee chair Patrick McHenry and ranking committee member Rep. Maxine Waters.

The GENIUS Act is co-sponsored by Sen. Kirsten Gillibrand, Sen. Tim Scott, and Sen. Cynthia Lummis.

resident Trump signed an executive order that supports the establishment of a U.S. strategic digital assets stockpile. The EO also outlined the creation of a crypto working group, with the tasks expected including on regulatory clarity. Stablecoins form a major part of this framework.

Specifically, the GENIUS Act aims to establish a regulatory framework that positions the U.S. as the “crypto capital of the world.” Among its key provisions is a requirement that all stablecoins be backed by U.S. Treasury bills, U.S. dollars, and Federal Reserve notes.

The bill will require issuers to back all issued stablecoins with Treasury bills, U.S. dollars, and Federal Reserve notes. Issuers will also be required to undertake and publish monthly audit reports.

Hagerty has stated that he will work with U.S. House Financial Services Committee chair Rep. French Hill to advance the bill to President Trump’s desk.

Via- @coinim.net #StablecoinRevolution #USBitcoinReserves