US Senators Introduce Updated Stablecoin Regulation Bill
A bi-partisan group of US Senators has introduced an updated version of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, aiming to establish a clear regulatory framework for payment stablecoins. The legislation seeks to promote innovation while protecting consumers.
Key provisions of the bill include:
* Defining a payment stablecoin as a digital asset pegged to a fixed monetary value
* Establishing procedures for institutions seeking licenses to issue stablecoins
* Implementing reserve requirements and tailored regulatory standards for stablecoin issuers
The updated GENIUS Act aims to promote financial inclusion, drive demand for US Treasuries, and strengthen the dollar’s supremacy as the world reserve currency. The bill has been developed through extensive consultation with industry participants, academic experts, and government stakeholders.
Senate Banking Committee Chairman Tim Scott said that the bipartisan agreement will protect consumers and expand financial inclusion for Americans across the country. Senator Kirsten Gillibrand praised the bill’s consumer protections, authorized stablecoin issuers, risk mitigation, state pathways, insolvency, transparency, and other provisions.
The legislation will be voted on by the Senate Banking Committee on Thursday.
Source: https://www.hagerty.senate.gov/press-releases/2025/03/10/hagerty-leads-colleagues-in-reintroducing-updated-legislation-on-stablecoins