US Senators propose GENIUS Act to regulate stablecoins

According to a report by Cointelegraph, US Senator Bill Hagerty has proposed the "Guidance and Establishment of a National Innovation for Stablecoins (GENIUS) Act" aimed at creating a regulatory framework for stablecoins. The bill stipulates that stablecoin issuers with a market capitalization of over $10 billion must comply with Federal Reserve regulations, while issuers below this threshold will be regulated by individual states. The bill requires stablecoin issuers to provide audited reserve reports on a monthly basis, and submitting false information may result in criminal penalties. The bill has received support from Senators Tim Scott, Kirsten Gillibrand, and Cynthia Lummis.