US Senator proposes the GENIUS Act, aiming to regulate stablecoins

According to Cointelegraph, US Senator Bill Hagerty has proposed the "Guidance for Economic Normalization Including Upgraded Services (GENIUS) Act" aimed at creating a regulatory framework for stablecoins. The bill stipulates that issuers of stablecoins with a market value exceeding $10 billion must comply with Federal Reserve regulations, while those below this threshold will be regulated by individual states. The bill requires stablecoin issuers to provide audited reserve reports monthly and submitting false information could lead to criminal penalties. Senators Tim Scott, Kirsten Gillibrand, and Cynthia Lummis have expressed their support for the bill.