US Senator Introduces 'GENIUS Act' for Stablecoin Regulation

Eleanor Terrett, a reporter for Fox Business, reported on the 4th (local time) via X (formerly Twitter) that U.S. Senator Bill Hagerty from Tennessee has introduced a new stablecoin bill, the 'GENIUS (Guiding and Establishing National Innovation in U.S. Stablecoins) Act.' The bill provides clear regulations for stablecoins in the United States and defines stablecoins as digital assets pegged to the U.S. dollar.

Furthermore, Senate officials expect the bill to quickly pass through the congressional committee and it is scheduled to be discussed at a press conference with the administration's crypto and AI czar, David Sachs, on the 5th (local time).