US EditionStablecoins to Evolve Into Money Rail of Internet Once GENIUS Act Is Passed: Bernstein
- On Wednesday, the U.S. Senate moved forward with the GENIUS Act, a proposed federal framework designed to regulate stablecoins for the first time.
- Senator Bill Hagerty introduced the bill to modernize financial infrastructure and prevent U.S. innovation from fleeing overseas amid growing international digital currency competition.
- The GENIUS Act requires stablecoin issuers to maintain 1:1 reserves in cash or short-term Treasurys and comply with anti-money laundering and sanctions laws.
- The stablecoin market is worth $238 billion; Hagerty warned that inaction risks U.S. global economic leadership as China accelerates digital currency programs.
- If passed, the act could promote faster payments, support the dollar's dominance, and shift stablecoins from crypto to mainstream internet money rails, though some critics express regulatory and decentralization concerns.
48 Articles
48 Articles
America’s Dollar Dominance Depends on GENIUS
This week’s vote on stablecoin legislation ensures that finance will continue to be dollar-denominated and governed by American values, says Kristin Smith. We are closer than ever to cementing America’s global leadership in digital asset innovation. Next week, the Senate will hold its final vote on the Guiding and Establishing National Innovation for U.S. Stablecoins Act – the GENIUS Act – bringing this landmark stablecoin legislation one step c…
Senate Stablecoin Bill Aims to Boost U.S. Dollar Power - American Faith
The U.S. Senate is moving forward with the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, legislation that aims to establish a clear regulatory framework for the $238 billion stablecoin market. Advocates like Sen. Bill Hagerty (R-TN), the bill’s chief sponsor, say the measure will modernize America’s financial infrastructure and safeguard the nation’s global economic leadership. Stablecoins are cryptocurrencies t…
Act of GENIUS or Blockheaded Bill? Congress Considers Stablecoins
The US Senate voted last week to advance the Guiding and Establishing National Innovation for US Stablecoins Act which, because D.C. lawmakers of all stripes love cringe acronyms, stands for the GENIUS Act. The purported stroke of brilliance would lay out the first-ever regulatory framework for stablecoins, or digital tokens pegged to the value of the dollar. It has found both Republican and Democratic support and opposition. Those who see geniu…
Senate Moves Forward With GENIUS Act, Paving The Way For Controllable Digital Currency
by Matt Agorist, The Free Thought Project: (Reclaim The Net) The Senate has taken a significant step toward federal regulation of stablecoins by advancing the Guiding and Establishing National Innovation for US Stablecoins (GENIUS Act), a proposal designed to lay the groundwork for the mainstream adoption of digital currencies in the United States. The bill cleared […]
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