Senate Banking Committee Chair Touts Bipartisan Stablecoin Bill
Senate Banking Committee Chair Tim Scott advocated for the GENIUS Act, a bill to create a regulatory framework for stablecoins.
In an Op-Ed published in the Washington Examiner, Mr. Scott explained that "stablecoins enable faster, cheaper, and competitive transactions, facilitate seamless cross-border payments, and could enhance financial inclusion for Americans across the country." He argued that "payment stablecoins are already offered in the U.S. with little regulatory oversight," and that the "legislation will ensure they follow protections such as robust reserve requirements, sensible capital and liquidity standards, and strict marketing guidelines."
He said without the bill, "consumers face risks such as unstable reserves or unclear operations from stablecoin issuers." He also argued against critics that "falsely characterized its effect on illicit finance," stating that he "made cracking down on bad actors a top priority on the Banking Committee."
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