Lawmakers in the U.S. Senate have introduced a bipartisan bill they hope will create a clear regulatory framework for stablecoins.
The legislation seeks to establish straightforward licensing standards, ensure consumer protection, and support financial innovation in crypto.
Establishing a Regulatory Framework
Known as the GENIUS Act, short for the Guiding and Establishing National Innovation for U.S. Stablecoins, the bill was introduced by three Republican Senators, Bill Hagerty, Tom Scott, and Cynthia Lummis, and one Democratic legislator, Kirsten Gillibrand. It defines stablecoins as digital assets pegged to the U.S. dollar and sets licensing and reserve requirements for issuers.
The proposed law also applies different oversight mechanisms based on the size of the stablecoin issuer. For example, companies with more than $10 billion worth of assets in circulation will be required to follow Federal Reserve regulations. This is expected to mainly affect Tether and Circle, whose respecti
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