The 'GENIUS Act' proposed by Republican Senator Bill Hagerty has been updated and released. The bill sets requirements for issuing payment stablecoins in the US, allowing specific entities to legally issue them. Issuers must comply with bank-like regulations and be overseen by federal and state regulators. The Act clarifies that payment stablecoins are not securities but does not specify their status as commodities. The Act outlines regulations for issuers, including reserve requirements and redemption procedures. It establishes supervisory and enforcement powers for regulators and encourages international cooperation. The Act also includes provisions for stablecoin issuers in overseas jurisdictions.



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