Quote from: Z-tight on February 04, 2025, 07:44:27 PM

Quote from: Doan9269 on February 04, 2025, 06:36:25 PM

bitcoin consideration should be the first thing to be discussed, but some are taking time more even on what is of less importance to the peoples need, lets see how far this could go and then maybe later it could extend to bitcoin turn for consideration.

Do you understand what this bill is for, it is for regulatory clarity regarding stablecoins. Stablecoins are centralized coins that the issuers can freeze even if you store it in your self custodial wallet, so such a regulation makes sense for stablecoins, but not for BTC, it is decentralized. It is centralized services like centralized exchanges and centralized coins like usdt that needs these regulations.

In situations like this, it is helpful for the OP to include the full quote of the article to avoid any ambiguity.

Quote

Senator Bill Hagerty is set to introduce a new stablecoin bill as the largely crypto-friendly Republican Party seeks further regulatory clarity for the industry.

The stablecoin bill comes a few months after Hagerty unveiled draft legislation on the topic in October 2024. This effort aligns with similar proposals pushed in the House of Representatives, including drafts from former House Financial Services Committee chair Patrick McHenry and ranking committee member Rep. Maxine Waters.

The GENIUS Act is co-sponsored by Sen. Kirsten Gillibrand, Sen. Tim Scott, and Sen. Cynthia Lummis.

resident Trump signed an executive order that supports the establishment of a U.S. strategic digital assets stockpile. The EO also outlined the creation of a crypto working group, with the tasks expected including on regulatory clarity. Stablecoins form a major part of this framework.

Specifically, the GENIUS Act aims to establish a regulatory framework that positions the U.S. as the “crypto capital of the world.” Among its key provisions is a requirement that all stablecoins be backed by U.S. Treasury bills, U.S. dollars, and Federal Reserve notes.

The bill will require issuers to back all issued stablecoins with Treasury bills, U.S. dollars, and Federal Reserve notes. Issuers will also be required to undertake and publish monthly audit reports.

Hagerty has stated that he will work with U.S. House Financial Services Committee chair Rep. French Hill to advance the bill to President Trump’s desk.

Notwithstanding the low-quality nature of this website (I mean, they could not even spell "Stablecoin Bill" correctly FFS!), it seems that the era of stablecoin issuers making wild and risky moves the way FTX did are over. No more bear seasons and meltdowns caused by stablecoin depegging.