Senator Warren expressed concerns regarding the GENIUS Stablecoin Act’s regulatory framework, calling it insufficient. She urged the Treasury to tackle existing regulatory gaps to safeguard consumers and ensure financial stability.
The GENIUS bill mandates that stablecoins must be fully backed by US dollars or equivalent assets and undergo annual audits for issues with market cap above 50 billion USD, highlighting the need for transparency.
Warren noted potential conflicts of interest within the sector and pressed for the implementation of anti-money laundering measures alongside broader regulatory reforms.
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