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

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The GENIUS Act sets rules for issuing stablecoin payments and requires backing with US currency, Treasury bills, Federal Reserve notes and other assets
Hagerty's bill, which he's calling the Guiding and Establishing National Innovation in U.S. Stablecoins (GENIUS) Act, would define payment stablecoins and set up the procedures for issuing them, including establishing the Federal Reserve as watchdog for the big bank issuers and the Office of the Comptroller of the Currency as regulator for nonbank issuers of more than $10 billion, the person said. The legislation additionally outlines the reserves issuers would have to maintain. State regulators would be in place for the smaller issuers, and for larger firms who can seek waivers.