The US Senator Bill Hagerty of Tennessee introduces legislation aimed at determining clarity about the regulation of stablecoins.
Fox Business Journalist Eleanor Terett reports on the social media platform X that Hagerty today introduces the genius bill to the Senate.
“Today Senator Hagerty is introducing his Stablecoin bill in the Senate. The bill is called the genius (supervising and determining national innovation in the US Stablecoins) ACT and is intended to offer clear regulations for Stablecoins.
Here the highlights of the account based on a discussion concept Hagerty were rolled out in October.
Genius Act offers clear regulations for American Stablecoins.
Defines Stablecoins as digital assets linked to the USD.
Determines licenses and reserve requirements for issuers.
Applies Fed’s rules for EXPENTEN> $ 10 billion; Constitutional rules for <$ 10b.
Supports financial inclusion, efficient transactions and dollar supremation. Crypto stablecoins tied to the USD.
Senate employees tell me that they expect the bill to go through committees in the congress quickly. It will be discussed in today’s press conference with David Sacks. “
Hagerty has long been in favor of regulating the crypto room.
Said Hagerty in 2022 while pitching the digital clarity law,
“The current lack of clarity of the regulations for digital assets presents entrepreneurs and companies with a choice: Naviger through the important legal ambiguity in the US, or moving abroad to markets with clear digital assets regulations.
Unfortunately, this uncertainty discourages investments and creating jobs here in America and endangers the leadership of the United States in this transformational technology at such a crucial time.
This legislation is an important step towards offering intermediaries of digital assets with much needed certainty and removing the entry thresholds that currently hinder the growth and liquidity of the American cryptocurrency markets. “
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