Summary

  • Data block

Name

Summary

Types

Data block

Collection item

Tether, based in Bitcoin-friendly El Salvador, could struggle to comply with the GENIUS Act, as it backs its USDT stablecoin with assets such as Bitcoin, potentially requiring the liquidation of Bitcoin reserves to meet regulatory requirements.
The U.S. Senate Banking Committee is set to vote on the bipartisan GENIUS Act, a bill which aims to establish a clear regulatory framework for stablecoins, including reserve requirements, audits, transparency, and licensing for issuers
The GENIUS Act, in it’s March 3, 2025 revision, introduces a new requirement for stablecoin issuers, including foreign ones, to have the technical capabilities to comply with and enforce legal orders, such as blocking, freezing, burning, seizing, or preventing stablecoin transactions
The GENIUS Act in it’s March 3, 2025 revision would grant states supervisory authority over stablecoins with a market cap of up to $10 billion, while issuers with a higher market cap could apply for a waiver by meeting specific criteria, like demonstrating strong capital reserves and solid track record, which would allow them to remain under state supervision instead of federal oversight
The GENIUS Act would be well-suited for U.S.-based stablecoin issuers like Circle’s USDC and Ripple’s RLUSD, which already claim compliance with many of its provisions, potentially giving them a competitive advantage under the new regulatory framework
The GENIUS Act in it’s March 3, 2025 revision, would require stablecoin reserves to consist of U.S. currency, demand deposits, Treasuries, or other approved assets under the latest version of the bill
The GENIUS Act, in it’s March 3, 2025 revision, would designate stablecoin issuers as financial institutions for AML purposes, requiring them to establish compliance programs and conduct due diligence on high-value transactions, strengthening earlier provisions on KYC and AML requirements
The GENIUS Act in it’s March 3, 2025 revision, introduces new transparency and disclosure requirements, mandating issuers to publish monthly liquidity reports detailing their reserve composition and the total number of outstanding stablecoins

Data source type

Collection data source

Filter

{"where":{"AND":[{"attribute":"Jfmby78N4BCseZinBmdVov","is":"KeG9eTM8NUYFMAjnsvF4Dg"}]}}

Referenced by

New draft of GENIUS Act presented to Congress Banking Committee

Crypto news

News story