Senator Hagerty Introduces Stablecoin Oversight Bill in U.S. Senate
Senator Bill Hagerty plans to introduce a stablecoin oversight bill, the Guiding and Establishing National Innovation in U.S. Stablecoins (GENIUS) Act, on Tuesday. Key points include:
- The legislation aims to create a regulatory framework for dollar-denominated stablecoins.
- Hagerty's effort is supported by Senate Banking Committee Chairman Tim Scott and digital assets subcommittee head Cynthia Lummis.
- The Federal Reserve would oversee large bank issuers, while the Office of the Comptroller of the Currency would regulate nonbank issuers exceeding $10 billion.
- State regulators will supervise smaller issuers, with larger firms able to request waivers.
- Previous bipartisan efforts faced challenges due to differing regulatory approaches between parties.
- There is uncertainty about attracting Democrat support due to the proposed lighter regulations.
- A corresponding stablecoin bill was previously approved by the House but struggled to find support in the Senate.
Later, David Sacks will lead a press conference to discuss this stablecoin initiative and broader crypto strategies.