Back to Congress passes GENIUS Act creating first federal stablecoin framework
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Under the GENIUS Act, the SEC retains primary oversight of payment stablecoins.
Explanation
The Act removes SEC and CFTC jurisdiction over payment stablecoins, assigning oversight to the Fed, FDIC and OCC instead.
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The GENIUS Act requires stablecoin issuers to publicly disclose their reserve holdings.
Easytrue falseIssuers are required to publicly disclose their reserve compositions on a monthly basis under the GENIUS Act.
Easytrue falseWhat is one potential risk traditional banks highlight regarding the implementation of the GENIUS Act?
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