Oh boy, you won’t believe this! 🙄 United States Senator Bill Hagerty just dropped the mic with an updated version of the “Guiding and Establishing National Innovation for US Stablecoins Act” 🎉 Just in time for the Senate Banking Committee’s big vote on March 13th. Talk about timing!
Get this: the new bill is even more genius than the last one! 🤓 It’s got stricter rules for stablecoin issuers, making sure they protect consumers, have enough reserves, and play nice with regulators. But wait, there’s more…
The real zinger is how it treats non-US stablecoin issuers. According to Web3 app founder Dom Kwot, they’re getting hit with “extra high standards” for reserves, liquidity, and compliance checks. 💩 This could give US-based issuers like Circle and Ripple a leg up. Who needs a level playing field, right?
But don’t worry, the bill still lets the Fed keep an eye on the big dogs (over $10 billion in market cap) while letting the little guys stay state-regulated. Plus, it’s got beefed-up enforcement and risk controls to keep everyone in line. 🕵️♂️
“Stablecoins are the future, folks! They make transactions faster, cheaper, and more competitive. This bill ensures we can innovate and grow right here in the good ol’ USA, while keeping the U.S. dollar on top.” 🇺🇸
Tim Scott, chairman of the Senate Banking Committee.
And here’s the kicker: lawmakers actually listened to industry folks, academics, and regulators when crafting this thing. Bipartisanship, who knew?!
So, the Senate Banking Committee is set to vote on this comedy gold on March 13th. If it passes, it’ll head to the full Senate, then the House, and finally, President Trump’s desk for his signature or a big fat veto. 🙋♂️
Remember, Hagerty first introduced the GENIUS Act back in February 2025. One of its main jokes is that all stablecoins need to be backed by U.S. Treasury bills, dollars, or Federal Reserve notes. 🎭
Oh, and did we mention the stablecoin market is now a multi-billion-dollar industry? It’s grown so much, it makes up over 1% of the U.S. dollar M2 money supply. Who needs boring old cash anyway? 🤑
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2025-03-11 11:31