US Rep. Bryan Steil Talks GENIUS Act vs. STABLE Act: Minor Differences, Big Crypto Impact ⚖️
Tim Scott
Bill Hagerty
US Representative Bryan Steil
Securities and Exchange Commission
Commodity Futures Trading Commission
US Representative Bryan Steil recently highlighted that the STABLE Act and the GENIUS Act, two key stablecoin bills in the U.S., differ by only 20%. This sparks optimism for a unified regulatory framework soon. Both bills enjoy bipartisan support and aim to regulate stablecoins under federal or state supervision.
The STABLE Act was introduced by the House, while the GENIUS Act was proposed by the Senate. According to Steil, the differences are mainly textual, focusing on international stablecoin issuers and state-level oversight. The SEC and CFTC are also providing technical support for the bills.
The passage of these bills would be a significant advancement for stablecoins, potentially reshaping their future and hastening crypto adoption in the U.S. However, there are concerns from experts in Europe and China about the potential destabilizing effects on their financial systems.
The agreement on these bills is crucial as the stablecoin market cap has exceeded $230 billion, with Tether's USDT and Circle's USDC dominating the market. Discussions around algorithmic stablecoins also play a role, as the GENIUS Act mandates a study, while the STABLE Act proposes a two-year ban.
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