Senator Bill Hagerty is set to introduce a new stablecoin bill to seek regulatory clarity in the rapidly expanding U.S. stablecoin market. The bill is named the GENIUS Act.
Introduction of GENIUS Act Bill
The GENIUS Act outlines a regulatory environment for the stablecoin market in the U.S., where Tether (USDT) and Circle (USDC) lead. Hagerty confirmed the bill's introduction via a post on platform X.
Support and Co-Sponsors
The bill is co-sponsored by Senators Kirsten Gillibrand, Tim Scott, and Cynthia Lummis. Cynthia Lummis is a key crypto advocate and the first chair of the Senate Banking Subcommittee on Digital Assets.
Provisions and Goals
The GENIUS Act requires all stablecoins to be backed by U.S. treasury bills, U.S. dollars, and Federal Reserve notes. It also requires issuers to publish monthly audit reports.
The GENIUS Act aims to strengthen the U.S. position in the crypto market. Senator Hagerty plans to work with Rep. French Hill to advance the bill for President's signature.
