Stablecoin Bill Advances with New Draft

Senate’s GENIUS Act Stablecoin Bill Advances with New Draft

• The GENIUS Act aims to create a legal framework for issuing stablecoins in the U.S.
• New draft includes national security, ethics, Big Tech, and foreign issuer provisions.
• President Trump’s family firm’s $2 billion UAE deal raises conflict of interest concerns.
• Big Tech can issue stablecoins if they don’t pose a “material risk” to the banking system.
• The bill mandates a study on stablecoin insolvency due within three years of enactment.

The new draft of the GENIUS Act introduces measures addressing national security and ethics while allowing Big Tech firms to issue stablecoins under specific conditions. The bill also requires a study on potential insolvency impacts within three years.