U.S. Treasury Secretary: "GENIUS Act allows the United States to lead the global digital currency revolution"
Suehyeon Lee
Summary
- U.S. Treasury Secretary Scott Bessent stated that the GENIUS Act is a historic piece of legislation.
- The GENIUS Act sets out eligibility requirements for stablecoin issuers and requires reserves to be maintained at a 1:1 ratio in U.S. dollars or equivalent liquid assets.
- Secretary Bessent said that this legislation will enable the United States to lead the global digital currency revolution.
U.S. Treasury Secretary Scott Bessent described the stablecoin regulation bill, the GENIUS Act, as a historic piece of legislation.
On the 19th (local time), according to Watcher Guru, Secretary Bessent said, "The GENIUS Act, which establishes a regulatory framework for stablecoins, is historic legislation and will enable the United States to lead the global digital currency revolution."
Meanwhile, the GENIUS Act stipulates the eligibility requirements for stablecoin issuers and requires reserves to be maintained at a 1:1 ratio in U.S. dollars or equivalent liquid assets.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
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