US senators propose GENIUS bill to regulate stablecoins."
According to online reports, according to Cointelegraph, U.S. Senator Bill Hagerty proposed the "U.S. stablecoins National Innovation Guidance and Establishment (GENIUS) Act" to create a regulatory framework for stablecoins. The bill stipulates that issuers of stablecoins with a market value of more than $10 billion will be subject to Federal Reserve supervision, while issuers below this threshold will be supervised by states. The bill requires stablecoin issuers to provide monthly audited reserve reports, and submitting false information may lead to criminal penalties. The bill was supported by Senators Tim Scott, Kirsten Gillibrand and Cynthia Lummis.
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