PANews reported on February 4 that according to Bloomberg, Republican Senator Bill Hagerty will submit a stablecoin regulatory framework bill on Tuesday local time in response to the crypto industry's call for clear regulation. Supporters said federal regulation would give legitimacy to the asset class, which could lead to its wider adoption.
The bill, titled the Guiding and Establishing a National Innovation Stablecoin in the United States Act, or GENIUS Act, outlines rules for issuing stablecoin payments and requirements for backing them with U.S. dollars, Federal Reserve bills, Treasury bills and other assets, according to a draft bill seen by Bloomberg.
The bill also requires stablecoin issuers to disclose monthly audit reports of the reserves backing the stablecoins. Submitting false reports will trigger criminal penalties.
