Senate Majority Leader John Tune (R-SD) on Thursday encouraged consideration of the Stubcoin Act, sponsored by Sen. Bill Hagerty (R-TN), which will establish the first ever regulatory framework to steal President Donald Trump as a stable president.
Thune “hotlines” or encouraged consideration of induction and establishment of the US Stablecoins (Genius) Act, written by Sen. Bill Hagerty (R-TN), a member of the Senate Banking Committee.
The bill is also a member of the Senate Banking Committee, by Senate Chairman Tim Scott (R-SC) and Senator Cynthia Ramis (R-WY).
“The Genius Law establishes a clear, growing and secure regulatory framework to modernize payment systems and solidify control of the US dollar,” Hagerty said in a statement.
“We look forward to passing on the act of genius in a short period of time to maintain American digital asset innovation, protect our customers and ensure that foreign companies play under the same rules,” he continued.
Stubcoins, controlled by dollars, are digital assets that are fixed at the value of the US dollar. Sending Stablecoins is more efficient than sending dollars. This will help to expand financial inclusion and strengthen the dollar's leadership as a global reserve currency. It will also increase demand from the US Treasury Department.
The Genius Act establishes a regulatory framework for these stable things as follows:
- Define a payment stablecoin as a digital asset used for payments or settlements that are fixed at fixed monetary value.
- Establish clear steps to obtain licenses to issue stable systems
- Implementing preliminary requirements and “light touch” regulatory standards for Stablecoin publishers
- The fact that there are more than $10 billion issues is compliant with the Federal Reserve Regulatory Framework for Depository Institutions and the Director's Office of the Currency (OCC) Framework for Non-Bank Issuers
- It enables national regulation for issuers under $10 billion, and provides exemption processes for issuers to maintain national regulation by providing exemption processes that exceed thresholds.
When it comes to crypto between the Trump and Biden administrations, this is a stark contrast to what was considered very hawkish, primarily to the crypto industry.
It faced scrutiny from top cryptocurrency exchanges such as Coinbase and Kraken, developers of major decentralized exchanges, as well as chairman Gary Gensler of the Biden Securities and Exchange Commission (SEC).
Tether CEO Paulo Aldoino has cheered on Trump's crypto leaders and said his policies will allow for all American domination “from cryptography to AI.”
“America has always been the top place to do business in the world, a place where innovators around the world have longed to set up their shops,” says Ardoino. “But under Joe Biden, innovation was punished.”
“Like President Trump, Tether believes the dollar should be the world's go-to currency for trade and trading,” he said.
Sean Moran is a policy reporter for Breitbart News. Follow him with x @seanmoran3.
