GENIUS Act tasks the Treasury Department with overseeing stablecoin licensing at the federal or state level

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The GENIUS Act seeks to create a regulatory framework for dollar‑pegged payment stablecoins, mandating full 1:1 reserve backing, licenses at the federal or state level, Anti-Money Laundering compliance checks and sufficient consumer protections.
The bill centralizes oversight under the Treasury Department but faces debate in the House, where a competing proposal favors shared regulatory authority.