#USStablecoinBill #USStablecoinBill is a term being used by the financial and cryptocurrency community to discuss important bills currently being considered by the U.S. Congress aimed at establishing a legal framework for stablecoins. The two main bills currently are the GENIUS Act in the Senate and the STABLE Act in the House of Representatives. 🏛️ Overview of the Bills

GENIUS Act (Senate)

• Objective: Establish federal regulations for payment stablecoins.

• Requirements:

• Stablecoins must be 100% backed by U.S. dollars or short-term bonds.

• Issuers can choose between federal or state oversight.

• Large issuers (over $10 billion) will be subject to oversight by the Federal Reserve and the Office of the Comptroller of the Currency.

• Algorithmic stablecoins are prohibited, and issuers are required not to have direct access to the Federal Reserve's master accounts.

• Anti-money laundering regulations under the Bank Secrecy Act will apply.

STABLE Act (House of Representatives)

• Objective: Enhance transparency and accountability of stablecoin issuers.

• Requirements:

• Only licensed organizations may issue stablecoins.

• Issuers of stablecoins are prohibited from paying interest to users.

• Prohibition on claiming that stablecoins are backed by the U.S. government or federally insured deposits.

• Individuals with felony convictions related to financial fraud are prohibited from holding leadership positions in stablecoin issuing companies.