Senator Warren Urges Swift Implementation of the "GENIUS Act" and Highlights Stablecoin Regulatory Gaps
BlockBeats News, October 22: Senator Elizabeth Warren, Ranking Member of the Senate Banking Committee, wrote to Treasury Secretary Yellen urging the prompt implementation of the GENIUS Act and highlighting regulatory gaps. In the letter, Warren stated that the "U.S. Stablecoin Innovation GENIUS Act" represents a "light-touch regulatory framework for crypto banks," and the Treasury Department must take action to implement and enforce the law to minimize significant risks to U.S. financial stability, consumers, taxpayers, and national security. The GENIUS Act, signed into law by Trump in July, requires stablecoins to be fully backed by the U.S. dollar or similar liquid assets, mandates annual audits for issuers with a market cap over $500 billion, and establishes guidance for foreign issuers. Currently, major U.S. agencies are working to implement the law.
One of the Democrats' main concerns is around stablecoins, as Paxos recently accidentally minted $30 trillion worth of PYUSD stablecoins due to a technical issue. Warren commented on this, stating: "This incident demonstrates that operational failures can pose significant risks to issuers, market integrity, and financial stability. The Treasury Department needs to explain to the public how it intends to address these risks and, if unable to do so, clarify what authorizations it would need from Congress."
También te puede interesar
Ganadores
Últimas noticias sobre criptomonedas
Wall Street Giants Sound the Alarm: Currency Market Stress Could Trigger Another Crisis, Fed May Be Forced to Intervene
The Japanese Financial Services Agency will support the joint issuance of a stablecoin by three major banks
Stablecoin Yield Vaults See Largest Weekly Outflow Since Luna Incident, Totaling $1 Billion
DeFi Multiple Flash Loan Attacks Cast a Shadow, More Crises May Lurk Beneath the Surface
ANT.FUN Founder Shaun: Stablecoins Expected to Drive the Emergence of 'Financial Super Apps'
Atención al cliente:@weikecs
Cooperación empresarial:@weikecs
Trading cuantitativo y MM:[email protected]
Programa VIP:[email protected]