Summary
- It was reported that the U.S. House of Representatives passed the stablecoin regulatory bill 'GENIUS Act.'
- The 'GENIUS Act' establishes clear regulations for the issuance and distribution of stablecoins, requires a 1:1 reserve ratio, and aims to enhance anti-money laundering and consumer protection.
- With this bill's passage, the U.S. is actively pursuing regulatory clarity and institutionalization in the stablecoin market.
On the 17th (local time), Eleanor Terrett, host of Crypto in America, reported via her X (formerly Twitter) account that the U.S. House of Representatives passed the stablecoin regulatory bill, the 'GENIUS Act.'
The GENIUS Act establishes a clear regulatory framework for the issuance and distribution of stablecoins. Key details include specifying the types of institutions authorized to issue stablecoins and requiring that reserves be maintained at a 1:1 ratio with U.S. dollars or equivalent highly liquid assets.
Additionally, the scope of the Bank Secrecy Act has been extended to include stablecoin issuers, reflecting an aim to strengthen anti-money laundering efforts and consumer protection.
The passage of this bill is significant as it marks the U.S.'s first substantial step toward regulatory clarity and institutionalization in the stablecoin market.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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