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Senator Bill Hagerty pushes for stablecoin regulatory framework – TON BOT

Senator Bill Hagerty pushes for stablecoin regulatory framework

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Senator Bill Hagerty will introduce the GENIUS Act to regulate stablecoins on Feb. 4. The bill will require stablecoin issuers to back their coins with US currency or other assets, submit monthly audits of reserves, and face criminal penalties for false reporting. The bill aims to provide regulatory clarity and enhance credibility for stablecoins, promoting broader adoption within the financial system. Republican senators Kirsten Gillibrand, Tim Scott, and Cynthia Lummis are co-sponsoring the bill. President Trump has prioritized fostering the crypto industry and reducing regulatory barriers. The legal framework could stimulate growth in the US stablecoin market, which has been declining in volume compared to global adoption.

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