Senator Hagerty Introduces GENIUS Act for Stablecoin Oversight
US Senator Bill Hagerty proposed to the Senate the Senate to guide and establish a national innovation bill.
This is an important step in the draft discussion in October, which marks a step ahead of the regulatory framework for stable payment.
Senator Hegeti promoted the Senate’s Stability Act
this Genius Define payment Stablecoin as a digital asset for payment Or settlement, hanging on a fixed currency value. According to legislation, Stable payment must be supported by US currencyIn insurance institutions, treasury bills and other assets demand deposits.
In addition, it requires the Federal Reserve to supervise Stablecoin According to bank regulations, it has a distributor with a market value of more than $ 10 billion. In contrast, the office of the Monetary Auditer stipulates non -bank issuers.
Publishes with a market value of less than 10 billion US dollars are subject to national regulations. However, people who are higher than the threshold may apply to national supervision exemption.
at present, Sittors (USDT) and US dollar coin (USDC) It is the only stable person with a market value threshold of more than 10 billion US dollars.
The bill also requires a monthly audit report on Stablecoin reserves and punishment for false reports. It outlines a clear procedure for institutions that seeks permits.
In addition, it has established reserve requirements, tailored supervision standards and supervision, examinations and Executive mechanism with definition restrictionsEssence
In the latest statement, Senator Hegti emphasized the potential benefits of Stablecoin’s innovation, emphasizing how it improves transaction efficiency and promotes the demand for US Treasury bonds. He pointed out Strong stability development is great Far -far.
He said: “My legislation has established a safe and growing regulatory framework, which will release innovation and promote the mission of the president to make the United States the capital of the Crypto world.” statementEssence
It is worth noting that the bill was sponsored by Senator Kirsen Gillibrand, Tim Scott and Cynthia Lummis.
In social media posts, Lumis emphasized that 2025 is the key year of digital assetsEssence she warn The United States must take action and does not allow leaders of other countries to formulate stable regulations.
“In order to maintain the dominance of the US dollar and promote responsible financial innovation, it is important to establish a two -party regulatory framework.” additionalEssence
At the same time, Fox business reporter Eleanor Terrett reports that the bill is expected to increase rapidly.
“Senate staff told me that they hope that the bill can quickly pass the members of the Congress Write On X.
This is A press conference on February 4In the near future, the White House’s AI and Crypto Tsar David Sacks expressed his support for Stablecoin’s legislation in the near future. Sakura and other House leaders said Stablecoin regulations will be a top priorityEssence
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