Yesterday Senator Hagerty introduced the Bill for the U.S. Stablecoins (GENIUS) Act, in collaboration with co-sponsor Senators Tim Scott, Kirsten Gillibrand (Democrat) and Cynthia Lummis. The Bill allows state regulators to supervise payment stablecoins of under $10 billion, which was a bone of contention in previous attempts at legislation. A major concern was that states might compete to attract stablecoin issuers by lowering requirements, leading to a race to the bottom. The legislation addresses this by prescribing the requirements for reserve assets.
During a press conference, Senator Tim Scott who Chairs the Senate Banking Committee said he aimed to have the legislation ready for the President’s signature within 100 days.
“Stablecoins enable faster, cheaper, and competitive transactions in our digital world and facilitate seamless cross-border payments,” said Chairman Scott. “This legislation will expand financial inclusion and provide much-needed clarity to ensure the industry can innovate and grow here in the United States, while protecting consumers and promoting the U.S. dollar’s global position.”
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