US Senator Bill Hagerty's revised stablecoin bill GENIUS ACT announced, strengthening regulatory requirements for cross-border payments

Odaily Planet Daily News: According to Eleanor Terrett's article on X platform, the updated stablecoin bill by US Senator Bill Hagerty, GENIUS ACT, has been officially released. In the latest text, the section on "Mutual recognition of payment based stablecoins issued by overseas jurisdictions" has been expanded compared to the February version, adding reserve requirements, regulation, anti money laundering and counter-terrorism measures, sanctions compliance standards, liquidity requirements, and risk management standards to promote international transactions and enhance interoperability with US dollar payment based stablecoins issued overseas. This bill may have a profound impact on the global stablecoin market and cross-border payment system, and more details need to be further interpreted.