U.S. Senator Lummis Advocates for Stricter Stablecoin Regulations

According to PANews, U.S. Senator Cynthia Lummis has announced that the GENIUS Act aims to enhance regulatory oversight of the stablecoin market. The key provisions of the legislation include mandating a 1:1 full reserve for all stablecoins, ensuring consumer priority rights in the event of bankruptcy, and establishing stringent compliance standards for market promotion.