US Senator Haggerty Introduces the "GENIUS" Act - Legislation to Regulate Stablecoins

3 months ago

Senator Hagerty announced the "GENIUS" Act - referencing it in a Tweet:
https://x.com/SenatorHagerty/status/1886793477679157723

The full title of the Bill is -
"Guiding and Establishing National Innovation for U.S. Stablecoins of 2025’’

An announcement of the Bill can also be found at the page for the Senate Banking Committee

https://www.banking.senate.gov/newsroom/majority/scott-hagerty-lummis-gillibrand-introduce-legislation-to-establish-a-stablecoin-regulatory-framework

The full text of the bill can be viewed here:
https://www.hagerty.senate.gov/wp-content/uploads/2025/02/GENIUS-Act.pdf

For those unfamiliar with the progression of legislation in the United States, Bills may originate in a particular committee, and if they advance or pass the Committee will be forwarded to other Committee's for review and discussion. A bill can be "killed" in a committee. If a bill is approved by the relevant committees it may be finally brought to the floor for debate (theater) and a vote. This bill is originated in the Senate, so if it passes a floor vote it will eventually be forwarded to the U.S. House of Representative, who will repeat the process with their own committees. If any changes to the bill are made, the House has to send a bill back to the Senate to resolve differences. Eventually if the Bill passes through both chambers of Congress, it will be sent to the President for approval or veto. It is generally not a swift process, and may not fit into the legislative agenda that has already been established for this session.

Major Provisions of the "GENIUS" Act

A summary of the major provisions of the Bill were listed on the Committee page and quoted here:

Defines a payment stablecoin as a digital asset used for payment or settlement that is pegged to a fixed monetary value;
Establishes clear procedures for institutions seeking licenses to issue stablecoins;
Implements reserve requirements and light-touch, tailored regulatory standards for stablecoin issuers;
For issuers of more than $10 billion of stablecoins, applies the Federal Reserve’s regulatory framework to depository institutions and the Office of the Comptroller of the Currency’s framework for nonbank issuers;
Allows for state regulation of issuers under $10 billion in market capitalization and provides a waiver process for issuers exceeding the threshold to remain state-regulated; and
Establishes supervisory, examination, and enforcement regimes with clear limitations.

What is the Impact on Hive?

Compliance for decentralized blockchains could be challenging. Non-compliant stablecoins could be potentially banned from U.S. regulated exchanges. The potential impact on Hive and HBD is not immediately clear.

Personal Action Plan

In my homestate of North Carolina - we have an upcoming election for Senate, the Senator up for election Thom Tillis may be amenable to input. I'm attending a function on thursday where my Congressional Representative (Brad Knott) will be present - and bend his ear for a moment. A Senate Bill still in committee is not likely on his radar at all yet, but I can at least introduce some concerns now.

hive-125125 hive politics economics hiveengine stablecoins government ecency

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1 comments

@bpcvoter1 -11

3 months ago

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from Imgflip Meme Generator

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Find links to why we was downvoted on Hive

https://peakd.com/hive-167922/@bilpcoinbpc/those-who-are-dedicated-to-the-cause-of-freedom-and-decentralization-lets-fight-for-good

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Don't forget to follow us on all social media sites and stay tuned for more updates if you are on Hive use #bilpcoin or #bpc on all posts NO SPAM OR FARMERS PLEASE

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Hive Emergency: A Call to Action STOP THE BAD DOWNVOTES

We are facing a critical situation on the Hive blockchain, where a small group of individuals is exerting undue influence and control over the community. This group, comprised of a single "whale" and their associated accounts, is using their power to downvote good content, self-vote their own posts, and power down their tokens.

from Imgflip Meme Generator

This behavior is having a devastating impact on our community, and it is essential that we take immediate action to address this issue. We propose two key solutions:

Implement a comment requirement for downvotes: This would ensure that users are aware of the reasons behind downvotes and can engage in informed discussions about the motivations behind these actions.
Reform our community to prioritize love and inclusivity: We must create a community where everyone can thrive, not just the chosen few. This can be achieved by promoting a culture of love, compassion, and respect.

We understand that some individuals may be concerned about the rules and moderators. However, it is essential to recognize that the rules are made by the same individuals who are farming the system. Therefore, it is time for us to take matters into our own hands and create a new, better Hive.

We invite you to share your thoughts, ideas, and concerns in the comments below. Together, we can work towards creating a more inclusive, compassionate community for all Hivers.

Your decision to keep your actions under wraps is a clear sign of your desperation, and it's not going to work. You thought you could keep your scamming activities hidden, but the truth has finally come to light. It's time for you to face the consequences of your actions and seek help. Being online will not solve your problems; in fact, it will only exacerbate them. Those who encourage your behavior are just as culpable as you are, and it's essential that they take responsibility for their actions as well.

We've even caught some top Hivers using their alt accounts to fund their own projects and manipulate the system. It is like they are playing a game of Hiveopoly, but instead of rolling dice, they are rolling out downvotes and taking money as they wish

The Bilpcoin team were attacked by Themarkymark gang so, we started investigating and gathering evidence, and before long, we had a whole list of scammers and abusers. And let me tell you, it was a doozy

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Their attempts to intimidate and silence their critics are equally concerning. The use of downvotes as a means of censorship is a clear indication of their desperation to maintain their grip on the narrative. But it's not working

https://hive.blog/hive-167922/@themarkymark/re-bpcvoter3-sp2q9h

Don't let the enthusiasm of friends or family members cloud your judgment – crypto is a game where there will always be winners and losers

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At Bilpcoin, we're passionate about what we do, and we're committed to helping our community thrive. If any tribes or individuals need assistance, please don't hesitate to reach out, and we'll do our best to help. We believe in the power of community

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Earn BPC on all your posts! Simply add #Bilpcoin or #BPC to your post, and you'll be eligible to earn BPC. Just don't forget to post your own content and avoid self-voting.

Posted using Bilpcoin

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Bad downvotes on Hive are a growing concern that must be addressed. These downvotes not only discourage users from sharing their real thoughts and ideas but also damage the community as a whole, we see many walk away