The bill is co-sponsored by Republican Senators Cynthia Lummis and Tim Scott, who is also chair of the Banking Committee chair, along with Democrats Kirsten Gillibrand and Angela Alsobrooks.“The updated version of the GENIUS Act makes significant improvements to a number of important provisions, including consumer protections, authorized stablecoin issuers, risk mitigation, state pathways, insolvency, transparency, and more,” Gillibrand said in a statement.
Web3 learning app EasyA co-founder Dom Kwok said on X that the latest version of the GENIUS Act, shared by FOX Business reporter Eleanor Terrett, gives “US-issued stablecoins a competitive advantage.”He added that the bill now holds foreign stablecoin issuers to “extra high standards” in areas such as reserve and liquidity requirements, money laundering checks and sanctions checks.
Related: Crypto needs policy change more than Bitcoin reserve — ExecsCrypto lawyer and Hogan & Hogan partner Jeremy Hogan came to the same conclusion in a separate X post, saying the bill’s requirements, particularly around reserves and Anti-Money Laundering checks, “all fall neatly for RLSUD and USDC.”The GENIUS Act still has a way to go before becoming law.
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Author / Journalist: Cointelegraph by Jesse Coghlan
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