The Senator Bill Hagrant is ready to introduce a new stabechoin bill as a large-scale crypto-friendly Republican party seeks to the industry and regulatory clarity.
Bill dubbed the “Guiding and Institution National Innovation for US Stabelcoins” or the Genius Act, underlining a regulatory environment for the rapidly expanded Stabecrim market in the United States. Tether’s (USDT) and Circle (USDC) are currently two top stabecrims by market share.
Hagerty confirmed the introduction of the bill via a post on X. Bloomberg Informed On earlier development during the day. The legislator noted,
“Today, I am introducing the Genius Act with Senator Tim Scott, Sen Gilibrand, and Sen Lumis, a bill that establishes a clear regulatory structure for stabechoin.”
In October 2024, the Stabelcoin bill comes a few months after Hagrant on this subject unveiled the draft law on the subject. The effort aligns with similar proposals in the House of Representatives, which includes Patrick McHanery, Chairman of the former House Financial Services Committee and Rape Maxin, a member of the ranking committee. Water.
The Genius Act is co-composed by Sen Kirsten Gilibrand, Sen Tim Scott and Sen. Synthia Lumis.
Lummis Capital Hill is a major crypto lawyer, and recently became the first president of digital assets on Senate Banking Subcommittee. The pro-crypto voice of the Vyoming Senator includes push for bitcoin (BTC) strategic reserve.
President Trump signed an executive order that supports the establishment of an American strategic digital property Stockpile. The EO also underlined the creation of a crypto working group, with the required works including regulator clarity. Stablecoins are a major part of this structure.
In particular, the Genius Act aims to establish a regulatory structure that deploys the US as the “Crypto Rajdhani of the world”. There is a requirement in its major provisions that all stablecoins should be supported by US Treasury Bills, US Dollars and Federal Reserve notes.
The bill will require issuers to release all issued stabecoin with Treasury Bills, US Dollar and Federal Reserve notes. Issues will also be required to start and publish a monthly audit report.
Hagerti has said that he will work with the Rape, Chairman of the American House Financial Services Committee. French Hill to pursue the bill at President Trump’s desk.
