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Senator Hagerty introduced GENIUS Act to regulate stablecoins
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Hagerty's bill, which he's calling the Guiding and Establishing National Innovation in U.S. Stablecoins (GENIUS) Act, would define payment stablecoins and set up the procedures for issuing them, including establishing the Federal Reserve as watchdog for the big bank issuers and the Office of the Comptroller of the Currency as regulator for nonbank issuers of more than $10 billion, the person said. The legislation additionally outlines the reserves issuers would have to maintain. State regulators would be in place for the smaller issuers, and for larger firms who can seek waivers.
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The distinction between federal and state regulators had been the main sticking point when Democrats and Republicans sought to work out a compromise bill on stablecoins in the previous Congress, and any new version will still have to thread a bipartisan needle
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