Two separate US stablecoin bills are currently being considered – the GENIUS Act in the Senate and the STABLE Act in the House. There’s a markup hearing on the latest GENIUS Act iteration later today. Both bills have an almost identical clause stating that the Federal Reserve and Treasury can establish reciprocal arrangements with other jurisdictions with substantially similar stablecoin regimes.
Earlier this week, Paxos CEO Charles Cascarilla testified during a House Financial Services Committee hearing about the STABLE Act. He highlighted how this reciprocity could help the United States to set high global stablecoin standards. Given that more than 99% of stablecoins are denominated in dollars, he has a point.
However, there’s an important counter argument about what reciprocity means and whether this is a biased US viewpoint.
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