The opening shot is being been fired in the new Congress’ crypto push with a plan for a Tuesday introduction of a stablecoin oversight bill from Senator Bill Hagerty. The legislation would set up a U.S. regulatory framework for issuing the dollar-denominated tokens, according to a person familiar with the effort.
The Tennessee Republican, who had shepherded a stablecoin effort in the previous session, is now pushing a bill with the backing of the Senate Banking Committee’s new chairman, Tim Scott, and the head of its digital assets subcommittee, Cynthia Lummis. That’s a big difference from the 2024 effort that couldn’t break through the crypto roadblock maintained by previous committee chief Sherrod Brown, the Ohio Democrat who was defeated in November’s elections.
Hagerty’s bill, which he’s calling the Guiding and Establishing National Innovation in U.S. Stablecoins (GENIUS) Act, would define payment stablecoins and set up the procedures for issuing them, including establishing the Federal Reserve as watchdog for the big bank issuers and the Office of the Comptroller of the Currency as regulator for nonbank issuers of more than $10 billion, the person said. The legislation additio
Go to Source to See Full Article
Author: Jesse Hamilton
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
