A new version of the GENIUS Act aimed at controlling stablecoins and guarding consumers is getting approved by the U.S. Senate. Under the proposal by Senator Hagerty, issuers of stablecoins are instructed by the law to store reserves that match their stablecoins in U.S. dollars or acceptable assets. It forbids the offering of yield opportunities, demands that its finances are audited every month and strictly follows rules against money laundering.
Those who issue more than $10 billion in stablecoins will face federal regulation, but smaller issuers are permitted to follow state guidelines, following federal rules. It also includes measures for handling cases where you can’t transact traditionally. Representatives in Washington are reviewing a bill known as the STABLE Act as well. The GENIUS Act has support from both parties, but critics believe it might let unreliable crypto products enter the market and risk consumer safety. With the bill advancing, clear national guidance for stablecoins in the United States may be established and provide structure for years to come.
, , Financial Times
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Recommended 5 Cryptocurrencies to Watch Right Now:
1. AurealOne (DLUME):
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