Big news for stablecoins! The U.S. Senate is working on a new law called the GENIUS Act to make sure stablecoins are safe and fair. It's like a rulebook for digital money that's tied to the value of the U.S. dollar. This is important because stablecoins are a type of cryptocurrency that's meant to be less risky than others.
- The new law wants to share the responsibility of watching over stablecoins between states and the federal government.
- States can now help look after companies that make stablecoins with up to $10 billion worth of coins.
- Companies need to show they are safe and reliable to get a special permission to keep reporting to states.
- Companies making stablecoins must share information about how much money they have and what they are doing with it.
| Important Fact | Details |
|---|---|
| Maximum Market Cap for State Oversight | $10 billion |
| Required Reserves | U.S. currency, bank deposits, government bonds, or other approved assets |
