The Senate introduces a new stablecoin bill, the GENIUS Act, seeking to establish a U.S. regulatory framework for stablecoin issuance. The bill grants state regulators oversight over some issuers, a key difference from previous attempts. The legislation is backed by crypto-friendly Republicans and aims to navigate the delicate balance between federal and state oversight.
The Senate is poised to take on a new stablecoin bill, spearheaded by Senator Bill Hagerty, marking the opening salvo in the new Congress' crypto push. This legislation comes under the leadership of crypto-friendly Republicans who aim to see Hagerty's effort materialize. The bill, dubbed the Guiding and Establishing National Innovation in U.S. Stablecoins (GENIUS) Act, seeks to establish a regulatory framework for issuing dollar-denominated stablecoins within the U.S.
It notably grants state regulators oversight over certain issuers, a point of contention during previous attempts at compromise in the past Congress. This approach aims to address a key stumbling block that previously hindered bipartisan progress.The bill outlines the Federal Reserve's role as watchdog for large bank issuers and the Office of the Comptroller of the Currency as regulator for nonbank issuers exceeding $10 billion in value. Smaller issuers would fall under state regulatory purview, while larger firms could apply for waivers. The distinction between federal and state oversight remains a delicate balance, requiring careful navigation to ensure bipartisan support. It remains uncertain whether Hagerty's bill, which advocates for a less stringent regulatory approach, will garner Democratic support. The House of Representatives had previously approved a stablecoin oversight bill, but it faced resistance in securing a matching Senate counterpart, which Hagerty had pursued. His new legislation, set for introduction today, is expected to be a focal point in discussions surrounding crypto strategy, as President Donald Trump's crypto czar, David Sacks, is scheduled to lead a press conference with congressional leaders to outline their plan. Stablecoins, designed as stable cryptocurrency tokens pegged to assets like the dollar, are rapidly gaining prominence in the financial landscape
Stablecoins Regulation Senate Bill Crypto Republicans Democrats State Regulators Federal Reserve Comptroller Of The Currency
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Eyes on the roads as winter storm with snow, sleet eyes up HoustonHouston has found itself in the bullseye of the winter storm threatening to drop several inches of snow and wintry mix on states known for their mild winters.
Read more »
Vivek Ramaswamy Eyes Ohio Senate SeatFormer Republican presidential candidate Vivek Ramaswamy is considering a run for the vacant Ohio U.S. Senate seat. The position became available after Vice President-elect JD Vance resigned to take his new role.
Read more »
Buttigieg Eyes Michigan Senate Run in 2026 Following Peters' RetirementFormer Transportation Secretary Pete Buttigieg is reportedly considering a run for the open Michigan Senate seat in 2026 after Senator Gary Peters announced his retirement. This move could set up a highly contested battleground race.
Read more »
Buttigieg Eyes Michigan Senate Run as Peters Announces RetirementFormer Transportation Secretary Pete Buttigieg is considering a run for the US Senate in Michigan in 2026, following the announcement of Senator Gary Peters' retirement. Peters, a Democrat, has served in the Senate since 2015 and previously represented Michigan in the House of Representatives. Buttigieg, who ran for president in 2020, is exploring his options and taking a serious look at the possibility of running for Senate. The news comes as Democrats seek to maintain their hold on the Senate seat in Michigan, where they have won every race for the past 30 years.
Read more »
Pete Buttigieg Eyes Potential Senate Run in MichiganFormer Transportation Secretary Pete Buttigieg is considering a run for the U.S. Senate in Michigan in 2026, following Sen. Gary Peters' announcement that he won't seek re-election.
Read more »
Buttigieg Eyes Michigan Senate Run After Peters' RetirementFormer Transportation Secretary Pete Buttigieg is considering a run for the open Michigan Senate seat vacated by retiring Senator Gary Peters. Buttigieg, known as 'Mayor Pete' from his time leading South Bend, Indiana, is seriously considering the 2026 bid, according to sources. The seat is expected to be a hotly contested battleground.
Read more »