Forex
Federal Reserve Proposes GENIUS Act to Regulate Stablecoin Issuers
The Federal Reserve has proposed a new bill called the GENIUS Act, which includes rules for stablecoins. The act aims to regulate stablecoins and ensure their stability and safety in the financial system.
According to the proposal, stablecoin issuers will need to comply with banking regulations and hold at least 100% of their reserves in cash or other high-quality liquid assets.
The GENIUS Act also requires stablecoin issuers to disclose more information about their reserve composition and risk management practices. This is intended to increase transparency and investor protection.