US Senator Introduces Stablecoin Regulation Bill ”GENIUS”

A U.S. senator has introduced a bill called GENIUS, which aims to regulate cryptocurrencies pegged to the US dollar.
On the 4th (local time), Bill Hagerty, a Tennessee Republican,
"The bill will establish a safe, pro-growth regulatory framework that fosters innovation and positions the United States as the global cryptocurrency capital of the future," Senator Hagerty said in a statement.
"This bill will help fulfill President Donald Trump's promise to make the U.S. a safe haven for the U.S. and the U.S.," he said. Hagerty's GENIUS bill was introduced by Sen. Tim Scott, who is a Republican.
Scott, Kirsten Gillibrand, and Cynthia Lummis.
"I will work with Rep. French Hill and the House Financial Services Committee to get the bill to the President's desk for signature," Hagerty said via X.
The GENIUS bill defines stablecoins as digital assets pegged to the US dollar and requires issuers with a market capitalization of more than $10 billion to be eligible for Federal Reserve funding.
The proposal is for a regulatory system in which the system would be regulated and smaller issuers would be subject to oversight by state governments.
According to CoinGecko, there are currently 100 stablecoins with a market capitalization of over $10 billion.
, Tether (USDT) and Circle’s USD Coin (USDC).