jacobin68

#USStablecoinBill The US Senate's stablecoin legislation, known as the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, has several key features: - *Definition of Payment Stablecoins*: Digital assets pegged to a fixed monetary value, used for payment or settlement, and fully backed by high-quality, liquid assets. - *Reserve Requirements*: Stablecoin issuers must maintain 100% reserve backing with US dollars, short-term Treasuries, or similarly liquid assets. - *Licensing Procedures*: Issuers must follow formal steps to obtain a license before operating, ensuring compliance with reserve backing and consumer protection standards. - *Dual Regulatory Framework*: Both federal and state regulators oversee stablecoin activities, with larger issuers (over $10 billion market cap) under federal supervision and smaller ones under state oversight. - *Consumer Protections*: Strict rules on transparency, mandatory disclosures, redemption rights, and fraud prevention. - *AML Compliance*: Stablecoin issuers must register as financial institutions and follow anti-money laundering (AML) and know-your-customer (KYC) rules. - *International Regulation*: Coordination with foreign regulators to align rules and ensure compatibility with international markets. - *US Dollar Dominance*: Promoting the use of stablecoins backed by the US dollar globally. The GENIUS Act aims to ¹ ² ³: - *Protect Consumers*: By requiring transparency and strict reserve standards. - *Promote Innovation*: By providing clear guidelines for stablecoin issuers. - *Strengthen the US Dollar*: By encouraging the use of dollar-backed stablecoins globally. Overall, the GENIUS Act provides a clear framework for stablecoin regulation in the US, balancing innovation with consumer protection and financial stability.$BTC $ETH $XRP #StrategicBTCReserve