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On Feb 4, 2025 Senator Bill Hagerty proposed a “GENIUS” (Guiding and Establishing National Innovation in U.S. Stablecoins) bill to establish regulatory framework for stablecoins
The GENIUS stablecoin bill would require all stablecoins to be backed by U.S. Treasury bills, U.S. dollars, and Federal Reserve notes
The GENIUS stablecoin bill would designate the Federal Reserve as the watchdog for big bank issuers of stablecoins
This is a second attempt to pass the GENIUS stablecoin bill in US Senate on stablecoins, as previous attempt failed due to a disagreement on if state regulators were to regulate stablecoins
The GENIUS stablecoin bill would mandate the Office of the Comptroller of the Currency (OCC) to act as the regulator for nonbank stablecoin issuers with stablecoin assets over $10 billion
The GENIUS stablecoin bill mandates all stablecoin issuers to undertake and publish monthly audit reports
The purpose of the GENIUS stablecoin bill is to define stablecoins, set procedures for issuing them, establish requirements for underlying assets, and create a supervision mechanism
The GENIUS stablecoin bill would establish that stablecoins with assets under $10bn USD would be regulated by state regulators

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