US Senator Bill Hagerty of Tennessee is introducing legislation aimed at establishing clarity on the regulation of stablecoins.
Fox Business journalist Eleanor Terett reports on the social media platform X that Hagerty is introducing the GENIUS bill to the Senate today.
“Today Senator Hagerty introduces his stablecoin bill in the Senate. The bill is called the GENIUS (Guiding and Establishing National Innovation in U.S. Stablecoins) Act and aims to provide clear regulations for stablecoins.
Here are the highlights of the bill which is based off a discussion draft Hagerty rolled out in October.
GENIUS Act provides clear regulations for U.S. stablecoins.
Defines stablecoins as digital assets pegged to the USD.
Establishes licensing and reserve requirements for issuers.
Applies Fed’s rules for issuers >$10B; state rules for <$10B.
Supports financial inclusion, efficient transactions, and dollar supremacy. Crypto stablecoins pegged to the USD.
Senate staffers tell me they expect the bill to move quickly through committees in Congress. It will be discussed in today’s press conference with David Sacks.”
Hagerty has been a long-time proponent of regulating the crypto space.
Said Hagerty in 2022 while pitching the Digital Clarity Act,
“The current lack of regulatory clarity for digital assets presents entrepreneurs and businesses with a choice: navigate the significant regulatory ambiguity in the US, or move overseas to markets with clear digital asset regulations.
Sadly, this uncertainty discourages investment and job creation here in America and jeopardizes the United States’ leadership in this transformational technology at such a crucial time.
This legislation is an important step toward providing digital asset intermediaries with much-needed certainty and removing the barriers to entry currently impeding the growth and liquidity of US cryptocurrency markets.”
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