U.S. Senator Bill Hagerty, known for his pro-crypto stance, plans to introduce a new bill in Congress to establish stablecoin regulations. Hagerty, who previously supported Bitcoin-friendly policies, is also preparing for re-election.
In 2024, Hagerty introduced legislation to clarify stablecoin regulations, tackling concerns over consumer protection and financial stability. Now, with re-election ahead, he has refined and reintroduced the bill, calling it the GENIUS Act—the Bill for the U.S. Stablecoins. He co-sponsored it alongside Senators Tim Scott, Kirsten Gillibrand, and Cynthia Lummis.
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“The tide has turned in favor of digital assets here in America. I’m pleased to lead my colleagues in the GENIUS Act, which will help make our nation a positive environment for stablecoins and digital assets.”
The bill grants state regulators authority over stablecoin payments below $10 billion—an issue that stalled previous attempts at regulation. A major concern was states competing to attract stablecoin issuers by lowering requirements, which could trigger a regulatory race to the bottom. This legislation addresses the risk by setting reserve asset mandates.
During a press conference, Senator Tim Scott, Chair of the Senate Banking Committee, stated his goal was to have the legislation ready for the President’s signature within 100 days.
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Hagerty’s initiative aligns with President Donald Trump’s increasing focus on crypto policy. While Trump opposes a central bank digital currency (CBDC), he has signaled support for stablecoins as an alternative.
With the 2025 elections approaching, Hagerty’s stablecoin bill could play a major role in shaping Bitcoin and stablecoin adoption. All eyes are now on whether the bill gains traction in Congress and reshapes the U.S. crypto market.
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