U.S. Senator Bill Hagerty, known for his pro-crypto stance, plans to introduce a new bill in Congress to establish stablecoin regulations. Hagerty, who previously supported Bitcoin-friendly policies, is also preparing for re-election.
In 2024, Hagerty introduced legislation to clarify stablecoin regulations, tackling concerns over consumer protection and financial stability. Now, with re-election ahead, he has refined and reintroduced the bill, calling it the GENIUS Act—the Bill for the U.S. Stablecoins. He co-sponsored it alongside Senators Tim Scott, Kirsten Gillibrand, and Cynthia Lummis.
Related: Stablecoin Regulation Draft: House Leaders Chart US Digital Future
“The tide has turned in favor of digital assets here in America. I’m pleased to lead my colleagues in the GENIUS Act, which will help make our nation a positive environment for stablecoins and digital assets.”
The bill grants state regulators authority over stablecoin payments below $10 billion—an issue that stalled previous attempts at regulation. A major concern was states competing to attract stablecoin issuers by lowering requirements, which could trigger a regulatory race to the bottom. This legislation addresses the risk by setting reserve asset mandates.
During a press conference, Senator Tim Scott, Chair of the Senate Banking Committee, stated his goal was to have the legislation ready for the President’s signature within 100 days.
Related: Powell Cancels Any CBDC Plans, Instead Trusts FedNow for U.S. Payments
Hagerty’s initiative aligns with President Donald Trump’s increasing focus on crypto policy. While Trump opposes a central bank digital currency (CBDC), he has signaled support for stablecoins as an alternative.
With the 2025 elections approaching, Hagerty’s stablecoin bill could play a major role in shaping Bitcoin and stablecoin adoption. All eyes are now on whether the bill gains traction in Congress and reshapes the U.S. crypto market.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
Read the full article here
