February 04, 2025
Washington, DC -Today, President Tim Scott (RS.C.) joined the members of the Senatorial Bank Committee The Senators Bill Hagerty (R-Tenn.) And Cynthia Lummis (R-Wyo.), As well as Senator Kirsten Gillibrand ( Dn.y.), in the presentation of Guide and establish national innovation for American stablecoins (Genius) Act, legislation to establish a clear regulatory framework for payment stalls.
“Stablecoins allow faster, cheaper and competitive transactions in our digital world and facilitate transparent cross -border payments”, ” said President Scott. “This legislation will extend financial inclusion and provide an essential clarity to guarantee that industry can innovate and develop here in the United States, while protecting consumers and promoting the global position of the US dollar. I can’t wait to work with our colleagues – including the president of financial services of the French Hill room – to advance this legislation at the office of President Trump. »»
“Improvement of the efficiency of transactions to driving demand for American treasury bills, the potential advantages of a strong stablecoin innovation are immense”, “,” said Senator Hagerty. “My legislation establishes a safe and pro-commune regulatory framework that will release innovation and will advance the president’s mission to make America the world capital of the crypto. I can’t wait to work with President French Hill and the House Financial Services Committee to return it to the President’s office and signed the law. »»
“The creation of a bipartite regulatory framework for stablecoins is essential to maintain the domination of the dollar in the United States and promote responsible financial innovation”, “ said Senator Lummis. “I am proud to support the important legislation of Senator Hagety, which contributes greatly to the protection of the regulatory framework of Wyoming for digital assets, and guarantees that the transmitters of Stablecoin have a real choice with regard to a national or national charter. »»
“It is essential to pass clear and supposed regulations for stablecoins to maintain the domination of the US dollar, the promotion of responsible innovation and consumer protection”, ” said senator Gillibrand. “Bipartite guidance and establishes national innovation for the American stable law protects consumers by demanding that stablecoin issuers maintain individual reserves; Prohibiting algorithmic stables; And require that the issuers comply with the rules for money laundering and sanctioning American-metering. Above all, this will allow responsible innovation, to maintain American leadership in digital assets and blockchain technology and will maintain businesses and cryptography jobs. The future of stablecoins and cryptocurrencies has a strong bipartite support – I am proud to present this bill with senators Hagerty, Lummis and Scott, and I can’t wait to work together to adopt this important legislation. »»
BACKGROUND:
Payment stables labeled in dollars are digital assets set to the US dollar. They can improve the efficiency of transactions, expand financial inclusion and strengthen the supremacy of the dollar as a world reserve currency by stimulating the demand for American treasury bills. The hostility of the previous administration towards the crypto and the refusal to provide clear regulatory directives have seriously stifled the innovation of Stablecoin.
THE Genius::
- Defines a stable of payment as a digital asset used for payment or the regulations which are fixed at a fixed monetary value;
- Establishes clear procedures for institutions that require licenses to issue stablecoins;
- Implement reserve requirements and slight regulatory standards for stabbling issuers;
- For issuers of more than $ 10 billion in ecunines, applies the regulatory framework for the federal reserve to the deposit institutions and to the office of the currency controller for non -banking transmitters;
- Allows the regulation of the state of transmitters of less than $ 10 billion in market capitalization and provides a process of derogation to issuers exceeding the threshold to remain regulated by the State; And
- Establishes surveillance, examination and application plans with clear limits.
Full text of Genius Can be found here. An overview of a page of the legislation can be found here.
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