The latest draft of the genius law aims to divide power between the federal and state authorities

The last draft of the National Innovation of Innovation (Genus), which was presented before the hearing on Tuesday, proposes a major shift in the approach to overseeing Stablecoin.

The draft wants to divide Stablecoin between federal authorities and federal authorities, while submitting new enforcement and transparency requirements for exporters.

The genius law is sponsored by Senator Bill Hajariti (R-TN), Tim Scott (R-SC), Chairman of the Senate Banking Committee, Kirsten Gillibrand (D-Ny), Senteia Loms (R-WY), and Angela Alepox (D-MD). He was It was first presented By my immigration in February.

One of the most prominent changes is to increase the threshold of the state’s regulatory authority on Stablecoins.

The states will now be allowed to oversee Stablecoin exporters in cooperation with the federal authorities with a maximum of the market of up to $ 10 billion, allowing them greater strength in organizing a larger part of the Stablecoin Market.

The latest draft of the draft law also includes a concession, which allows senior exporters to stay only under the supervision of the state if they meet specific criteria.

To obtain a concession and stay under the supervision of the state, Stablecoin exporters must show a strong capital, a good record, and what you call the bills is organized with experience.

The updated draft law also provides transparency and new disclosure requirements for exporters. The exporters will be asked to publish the monthly liquidity reports that separate their reserves, including the pending number of Stablecoins.

Under the latest version of the bill, reserves must be an American currency, request deposits, treasury, or other “approved assets”.

Stablecoin exporters will also be asked to create mechanisms that allow them to comply with orders to freeze transactions, and to give the Minister of Treasury Authority to prohibit transactions involving Stablecoins issued by foreign people or entities.

Although previous versions of the draft law have provisions related to knowledge requirements (KYC) and the requirements of money laundering (AML), the updated version of the draft law is explicitly appointed by Stablecoin as financial institutions for AML purposes that require them to create compliance programs and procedure to mitigate the high division.

The draft law is now amending amendments by the Senate Banking Committee before referral to the full Senate for discussion and final vote.