#USStablecoinBill #USStablecoinBill

The U.S. Congress is actively debating the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, a bipartisan bill aiming to establish the first federal regulatory framework for stablecoins. While the bill initially garnered support across party lines, recent developments have led to significant political contention. ๏ฟผ ๏ฟผ

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๐Ÿ”‘ Key Provisions of the GENIUS Act

โ€ข Federal Licensing: The bill proposes a federal licensing and supervisory framework for payment stablecoins and their issuers. ๏ฟผ

โ€ข Regulatory Oversight: It grants oversight authority to federal regulators, including the Federal Reserve and the Office of the Comptroller of the Currency (OCC), to supervise stablecoin issuers.

โ€ข Consumer Protections: The legislation includes provisions to prioritize customer claims in bankruptcy proceedings and mandates regular regulatory reviews of stablecoin issuers.