Senator Hagerty Proposes GENIUS Act for Stablecoin Regulation
- Senator Bill Hagerty introduced the GENIUS Act to regulate stablecoins with bipartisan support.
- The legislation requires stablecoin issuers to provide monthly audited reports and meet reserve requirements.
- The bill mandates that stablecoins be backed by U.S. currency, Federal Reserve notes, and Treasury bills.
- Tether’s USDT token dominates the market with a $140 billion market cap, part of a $205 billion stablecoin market.
- Co-sponsors include Senators Kirsten Gillibrand, Tim Scott, and Cynthia Lummis.
The GENIUS Act aims to create a regulatory framework for stablecoins, requiring transparency through monthly audits and specific reserve backing. Tether’s USDT leads the growing $205 billion market, highlighting the need for oversight. The bill has garnered bipartisan support in Congress.
Source (2.6)https://cryptobriefing.com/stablecoin-regulatory-framework-legislation/?rand=59535
