Eleanor Terrett
@EleanorTerrett
NEW: Today @SenatorHagerty 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 @DavidSacks.
🚨NEW: Today @SenatorHagerty 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…
— Eleanor Terrett (@EleanorTerrett) February 4, 2025