Nashville Standard

United States Senators Bill Hagerty, Tim Scott, Kirsten Gillibrand, and Cynthia Lummis have introduced the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. This legislation aims to create a regulatory framework for payment stablecoins.

Senator Hagerty stated that the bill is designed to "unleash innovation" and support the President's goal of establishing America as a leader in cryptocurrency. He expressed eagerness to collaborate with Chairman French Hill and the House Financial Services Committee to advance the bill.

Chairman Scott highlighted the benefits of stablecoins in enabling efficient transactions and cross-border payments. He emphasized that this legislation would enhance financial inclusion while maintaining consumer protection and promoting the global standing of the U.S. dollar.

Senator Gillibrand underscored the importance of clear regulations for stablecoins to uphold U.S. dollar dominance and protect consumers. She noted that the GENIUS Act mandates one-to-one reserves for stablecoin issuers, prohibits algorithmic stablecoins, and enforces compliance with anti-money-laundering rules.

Senator Lummis voiced her support for creating a bipartisan regulatory framework, emphasizing its significance in preserving Wyoming's digital asset regulations and offering choices between state or national charters for issuers.

The GENIUS Act responds to previous administrative challenges faced by stablecoin innovation due to unclear regulatory guidelines.