According to Fox News reporter Eleanor Terrett’s sources and a report from Bloomberg, the GENIUS Act defines stablecoins as digital assets pegged to the U.S. dollar and establishes licensing and reserve requirements for issuers. The bill would require stablecoin providers with assets exceeding $10 billion to comply with Federal Reserve regulations, while smaller issuers would be subject to state-level oversight.

Additionally, issuers would need to submit monthly audited reports on their reserves, with penalties for false disclosures. Hagerty shared details of the legislation on X, stating that the bill establishes a safe and pro-growth regulatory framework that will unleash innovation and advance President Trump’s mission to make America the world capital of crypto.

“Today, I’m introducing the GENIUS Act with Sen. Tim Scott, Sen. Kirsten Gillibrand, and Sen. Cynthia Lummis, a bill that establishes a clear regulatory framework for stablecoins,” Hagerty remarked on X. “I look forward to working with Rep. French Hill and the House Financial Services Committee to get it to the president’s desk and signed into law.”

The stablecoin market, which reached a total valuation of more than $200 billion by the end of 2024, has been a focus of regulatory scrutiny. Critics have raised concerns about the liquidity and transparency of stablecoin issuers, particularly regarding whether their reserves can sustain large-scale redemption requests. The GENIUS Act aims to address these issues by enforcing stricter reporting and reserve standards.

The bill has bipartisan support and lawmakers expect the legislation to advance quickly through committee discussions, according to congressional staffers. Hagerty is scheduled to discuss the bill in a press conference alongside investor and Trump’s crypto czar David Sacks, highlighting the potential role of stablecoins in financial innovation and the global dominance of the U.S. dollar.

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