​

  • Claim

Name

The GENIUS stablecoin bill would mandate the Office of the Comptroller of the Currency (OCC) to act as the regulator for nonbank stablecoin issuers with stablecoin assets over $10 billion

Types

Claim

Quotes that support claims

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.

Referenced by

Summary

Crypto news

Data block