The U.S. Senate is preparing for another cloture vote on the GENIUS Act, a bipartisan bill aimed at regulating stablecoins. This vote is expected as early as Wednesday, following progress in negotiations over key aspects of the legislation.
Cloture Motion and Debate
- Senator John Thune filed a cloture motion earlier this month, advancing the bill towards a final vote.
- This motion has initiated a 30-hour debate period, allowing senators to discuss any aspect of the bill without interruption.
Amendment #2307 Overview
Lawmakers are finalizing Amendment #2307, which consolidates various proposals into a comprehensive framework for regulating stablecoins. Key points include:
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Oversight Levels:
- Smaller issuers (less than $10 billion in market value) will be regulated at the state level.
- Larger issuers will fall under federal supervision.
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Requirements for Stablecoin Issuers:
- Issuers with less than $10 billion must provide monthly attestations and publicly disclose that they maintain full backing by USD or liquid assets (e.g., Treasury bills).
- Larger firms will face stricter requirements, including:
- Quarterly audits by independent auditors.
- Annual examinations by regulators.
Controversial Issues
A significant unresolved issue is whether to ban interest-bearing stablecoins. Senator Thune emphasized the importance of ensuring that the regulatory framework protects consumers while promoting innovation.
- Concerns:
- Banks fear that interest-bearing digital tokens could attract depositors seeking higher yields.
- Proponents argue these tokens offer greater flexibility for investors.
Scope of the GENIUS Act
The GENIUS Act aims to regulate all types of digital tokens pegged to traditional currencies like the U.S. dollar. However, it does not address other cryptocurrencies such as Bitcoin or Ethereum.
Current Regulatory Landscape
Currently, stablecoin issuers are regulated by state banking authorities but lack federal oversight. This is concerning given their growing popularity and the potential risks if they fail or lose significant value quickly.
This article outlines the ongoing legislative efforts to regulate stablecoins, highlighting the balance between consumer protection and innovation in the financial sector.
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