The framework would tie the cryptocurrency to the U.S. dollar.
The Senate passed the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act this week which proposes a regulation framework for stablecoins, a kind of cryptocurrency that is tied to another financial asset for additional stability. If approved in a second House vote and signed by the president, this legislation will tie stablecoins to the U.S. dollar and require stablecoin makers to maintain liquid assets to distribute their products.
“Today, on a bipartisan basis, the Senate will pass its first major digital assets legislation ever,” Senator Bill Hagerty of Tennessee said on the Senate floor before the vote. “With this bill, the United States is one step closer to becoming the global leader in crypto. Today will be remembered as an inflection point for innovation in the United States of America.”
“This is simply about putting the United States of America on the best digital payments path that it possibly could be on,” said Senator Hagerty. “This is about a payments currency, and it’s about consumer protection, and it’s about dollar dominance and Treasury dominance – that’s all it’s about.”
As the Lord Leads, Pray with Us…
- For members of the House as they prepare to consider the cryptocurrency legislation.
- For wisdom for members of the Senate as they continue working on the bill to fund President Trump’s agenda.
Sources: Roll Call, Insider, Reuters
