Senator Hagerty introduces GENIUS Act to regulate stablecoins

Senator Bill Hagerty has introduced the GENIUS (Guiding and Establishing National Innovation in U.S. Stablecoins) Act in the Senate, aiming to establish clear regulations for stablecoins. The bill defines stablecoins as USD-pegged digital assets, sets licensing and reserve requirements for issuers, applies Federal Reserve rules to issuers with over $10 billion in assets and supports financial inclusion and dollar supremacy. The bill is expected to move quickly through committees and will be discussed at a press conference with David Sacks, Fox Business reporter Eleanor Terrett reported via X.