#USStablecoinBill Bill "Guiding and Establishing National Innovation for U.S. Stablecoins" (GENIUS Act), initiated by Republican Senator Bill Hagerty, aims to create a federal regulatory framework for stablecoin issuers. It provides: 

• Mandatory backing of each stablecoin with reserves in U.S. dollars, secured by bank deposits or short-term Treasury bonds.

• The option to choose between federal oversight (via the Office of the Comptroller of the Currency) or state-level oversight.

• Monthly reserve reports from independent auditors.

In March, the bill was approved by the Senate Banking Committee with a vote of 18–6, receiving support from five Democrats. However, recently nine Democratic senators, including Ruben Gallego and Mark Warner, withdrew their support, citing inadequate provisions for combating money laundering and protecting the financial system.