#USStablecoinBill The USStablecoinBill refers to two proposed bills: the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act and the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act. Both bills aim to establish a regulatory framework for stablecoins in the United States.
*Key Provisions of the GENIUS Act:*
- *Definition of Payment Stablecoin*: A digital asset pegged to a fixed monetary value, used for payment or settlement.
- *Licensing and Supervision*: Establishes clear procedures for institutions seeking licenses to issue stablecoins, with federal and state regulatory oversight.
- *Reserve Requirements*: Stablecoin issuers must maintain one-to-one reserves, prohibiting algorithmic stablecoins.
- *Consumer Protection*: Requires issuers to comply with anti-money laundering and sanctions rules, ensuring consumer protection.
*Key Provisions of the STABLE Act:*
- *Similar to GENIUS Act*: Also aims to establish a regulatory framework for stablecoins.
- *Passed by House Committee*: Approved with a 32-17 vote, awaiting floor vote.
- *Concerns Over Trump-backed Stablecoin*: Democrats expressed concerns over potential conflicts of interest due to Donald Trump's involvement in World Liberty Financial's USD1 stablecoin.
*Current Status:*
- Both bills have passed their respective committees and await floor votes.
- Discrepancies between the two bills may require reconciliation before becoming law.
- The GENIUS Act has faced opposition from nine Democrat senators, citing concerns over anti-money laundering, national security, and financial system safety ¹ ² ³.
