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

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Feb 4, 2025 - 12:00am

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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.

In a latest development, Senator Bill Hagerty is all set to introduce legislation to establish a regulatory framework for stablecoins, representing the latest effort to promote crypto-friendly policies for an industry prioritized by Donald Trump

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Guiding and Establishing National Innovation in U.S. Stablecoins act (GENIUS)

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