Should Congress regulate stablecoins?

Economy and Taxation
GENIUS Act (S. 1582)
This bill has Passed the Senate
Bill Summary

The GENIUS Act, which stands for “Guiding and Establishing National Innovation for U.S. Stablecoins,” seeks to set up a federal regulatory framework for payment of stablecoins. The bill defines “stablecoins” as digital currencies that are pegged to the U.S. dollar, and therefore can be redeemed for a “fixed” value. The proposed framework would determine who may issue stablecoins, implement reserve requirements, and establish supervisory and enforcement systems. Sponsor: Sen. Bill Hagerty (Republican, Tennessee)
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Opponents say

•    "It doesn’t have to be this way. A bill that meaningfully strengthens oversight of the stablecoin market is worth enacting. A bill that turbocharges the stablecoin market, while facilitating the President’s corruption and undermining national security, financial stability, and consumer protection is worse than no bill at all." Source: Sen. Elizabeth Warren (Democrat, Massachusetts)


•    "There is no denying that currently, the stablecoin market is an underregulated landscape with inadequate protections for consumers and could be a breeding ground for bad actors and market instability. Stablecoins are likely to be a growing part of the financial landscape of the 21st century, so it is crucial that Congress gets this right. The GENIUS Act must be improved to receive my support." Source: Lisa Blunt Rochester (Democrat, Delaware)


•    "In the face of this corruption, you might hope that Congress would step in to clamp down on corruption. Instead, Congress is moving quickly to pass the GENIUS Act, which may make a bad situation much worse." Source: Sen. Bernie Sanders (Democrat, Vermont)

Proponents say

•    "Stablecoins are already playing an important role in the global economy, and it is essential that the U.S. enact legislation that protects consumers, while also enabling responsible innovations. The bipartisan GENIUS Act will provide regulatory clarity to this important industry, keep innovation on shore, add robust consumer protection, and reaffirm the dominance of the U.S. dollar. The crafting of this bill has been a true bipartisan effort and I’m optimistic we can pass it in the coming days." Source: Sen. Kirsten Gillibrand (Democrat, New York)


•    "This bill will cement US dollar dominance, protect customers, increase demand for US treasuries, and ensure that innovation in the digital asset space is in the hands of the United States of America, not our adversaries." Source: Sen. Bill Hagerty (Republican, Tennessee)


•    "The GENIUS Act is a watershed moment in how we approach digital finance while also preserving the institutions that have served our nation for decades. Digital assets are the future and it is our responsibility to ensure the United States continues to lead the way." Source: Sen. Cynthia Lummis (Republican, Wyoming)

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