Senator Kirsten Gillibrand, joined by Senators Bill Hagerty, Tim Scott, and Cynthia Lummis, introduced the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. This bipartisan legislation aims to create a regulatory framework for dollar-pegged stablecoins, promoting both consumer protection and financial innovation.
The bill mandates one-to-one reserves for stablecoins, bans algorithmic versions, and requires compliance with anti-money-laundering laws. Larger issuers face federal oversight, while smaller ones can operate under state regulation.
Gillibrand emphasized that the act will secure U.S. leadership in blockchain technology, boost transaction efficiency, and maintain demand for U.S. Treasuries, strengthening the dollar’s global dominance.
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