#USStablecoinBill
The Stablecoin Regulatory Act in the United States, known as the "GENIUS Act", aims to establish a federal regulatory framework for digital currencies pegged to the US dollar. This law is considered a crucial step towards enhancing the dollar's dominance in the global financial system and regulating the growing cryptocurrency market.
Key Features of the Bill
Issuance of Stablecoins: The issuance of stablecoins is prohibited except by licensed entities, such as banks or approved financial institutions, to ensure financial stability.
Reserves and Transparency: The law requires issuers to maintain cash reserves or high-quality liquid assets at a 1:1 ratio for every stablecoin issued, along with monthly reports subject to independent accounting audits.
Consumer Protection: It grants holders of stablecoins priority in recovering their funds in the event of the issuer's bankruptcy, thereby boosting confidence in this type of digital asset.
Oversight and Regulation: Issuers are treated as "financial institutions" under the Bank Secrecy Act, making them subject to anti-money laundering and counter-terrorism financing requirements.
