Gillibrand, Bipartisan Group Of Senators Introduce Legislation To Establish Stablecoin Regulatory Framework

Feb 5, 2025
Today, U.S. Senator Kirsten Gillibrand, together with Senators Bill Hagerty (R-TN), Tim Scott (R-SC), and Cynthia Lummis (R-WY), introduced theGuiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, legislation to establish a clear regulatory framework for payment stablecoins.
“The bipartisanGuiding and Establishing National Innovation for U.S. Stablecoins Actprotects consumers by requiring stablecoin issuers to maintain one-to-one reserves, prohibiting algorithmic stablecoins, and requiring issuers to comply with U.S. anti-money-laundering and sanctions rules,”said Senator Gillibrand.“Importantly, it will empower responsible innovation, maintain U.S. leadership in digital assets and blockchain technology, and keep crypto companies and jobs onshore. The future of stablecoins and cryptocurrency has strong bipartisan support. I’m proud to introduce this bill with Senators Hagerty, Lummis and Scott, and I look forward to working together to pass this important legislation.”
Dollar-denominated payment stablecoins are digital assets pegged to the U.S. dollar. They can improve transaction efficiency, expand financial inclusion, and strengthen the dollar’s supremacy as the world reserve currency by driving demand for U.S. Treasuries.
TheGENIUS Act:
Full text of theGENIUS Actcan be foundhereand a section-by-section summary can be foundhere.
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