US Senate passes ‘Genius Act’ to regulate stablecoins
Regulators express concerns over stability risks; senator says bill could trigger “next financial meltdown”
The US Senate yesterday (June 17) passed the country’s first significant bill aimed at regulating crypto assets: the Guiding and Establishing National Innovation for US Stablecoins of 2025 Act, or Genius Act, which is designed to govern the issuance of stablecoins.
The bill, if enacted, would allow non-banks to issue their own ‘digital dollars’. It would also establish regulations for the approval and supervision of stablecoin issuers.
Firms that wished to issue stablecoins would have to meet
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@centralbanking.com test test test
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@centralbanking.com test test test
More on Fintech
BoE and Treasury’s ‘productive tension’ over stablecoins
Experts say Reeves’s bullishness and Bailey’s more bearish stance on assets may be all to the good
AI demands ‘deep organisational changes’ at central banks – paper
NBER study finds around half of Fed roles could be impacted significantly by adoption of technology
RBA announces private partners for wholesale tokenisation project
Central bank to issue CBDC on third-party platforms and work with Australian dollar stablecoin issuers
Central banks explore migration to quantum-proof financial system
BIS partners with monetary authorities in initiative aimed at protecting data and transactions
Thailand approves its first virtual banks
Thai, South Korean and Chinese firms will operate online-only lenders, central bank announces
Kenya to extend RTGS system’s daily operating hours
Central bank says Kepps system will move from seven hours a day to 12 from July 1
Eurosystem launches unified collateral management system
Operated by four central banks, ECMS replaces 20 systems previously operated by national authorities
Developing AI comes with geopolitical risks, says panel
Summer Meetings panel discusses infrastructure supply chains and where data is stored