#USStablecoinBill

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### **1. Overview of the GENIUS Act**

- **Objective**: To create a federal regulatory framework for the issuance and regulation of **Stablecoins** in the United States, focusing on consumer protection and enhancing the global dominance of the US dollar.

- **Legislators**: Introduced by Senator **Bill Hagerty** (Republican) with support from members of both the Republican and Democratic parties, including **Tim Scott**, **Kirsten Gillibrand**, and **Cynthia Lummis**.

- **Current Status**: Approved by the **Senate Banking Committee** on March 13, 2025, and is expected to become law later this year.

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### **2. Key Features of the Law**

#### **A. Who Can Issue Stablecoins?**

- Only the following entities are allowed to issue Stablecoin:

1. **Insured Banks** or their branches.

2. **Non-Bank Issuers** regulated by the **Office of the Comptroller of the Currency (OCC)**.

3. **State-Level Issuers** provided their regulations are similar to federal regulations.

#### **B. Reserve Requirements**

- Stablecoins must be **backed 1:1**.

### **Conclusion**

The **GENIUS Act** represents an important step towards regulating Stablecoins in the United States, but it faces criticism regarding certain loopholes. If passed, it could set an important precedent for integrating digital assets into the financial system.