Senator Bell Hajari presented the Senate Genius Act, a draft law that seeks to regulate Stablecoins in the United States. Legislation, which is officially called the Order of Guidance and the Establishment of the National Innovation of the Stablecoins Law in the United States, aims to provide an organizational framework for Stablecoin.
Senator Bell, Hajari Bell, is organized to organize Stablecoins
According to a recent announcement, Senator Bell Hajari, a fans of Tennessee, presented legislation to organize Stablecoins. The draft law proposes clear guidelines on issuing and managing these digital assets, which are linked to the US dollar.
The genius law creates the requirements for licensing and reserves for Stablecoin Exporters. Companies with assets that exceed $ 10 billion will be organized by the Federal Reserve, while those with lower assets than that threshold will follow the state levels. The draft law also imposes that Stablecoin reserves consist of US currency, treasury bills and other approved assets.
The legislation determines the strict reporting requirements for Stablecoin Exporters to ensure transparency. Exporters will be asked to submit review reports every month that explain in detail the reserves that support Stablecoins. Wrong reports carry criminal penalties.
Settables will fall under the supervision of the currency observer office, an independent office within the Ministry of Treasury. This procedure aims to create federal supervision while allowing innovation in the encryption industry.
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Kelvin Monin Murithi
Kelvin is a distinguished writer who has experience in encryption and financing, holding a Bachelor’s degree in Actura Sciences. It is famous for its careful analysis and insightful content.
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