Senator Bill Hagerty, alongside Senators Tim Scott, Kirsten Gillibrand, and Cynthia Lummis, introduced the GENIUS (Guiding and Establishing National Innovation in U.S. Stablecoins) Act in the Senate. The legislation aims to establish a clear regulatory framework for stablecoins, defining them as USD-pegged digital assets and setting licensing and reserve requirements for issuers. Companies exceeding $10 billion in assets will face additional scrutiny. The bill also mandates monthly audited reports to ensure transparency and accountability. This move is part of a broader Republican effort to create crypto-friendly guidelines, aligning with President Donald Trump's priority to foster the cryptocurrency industry. The bill is expected to be advanced quickly and is seen as an extension of the Clarity for Payment Stablecoins Act of 2023. Hagerty looks forward to working with Representative French Hill and the Financial Services Committee to get the bill to the President’s desk and signed into law.