According to Cointelegraph, U.S. Senator Bill Hagerty introduced the Stablecoin National Innovation Guidance and Establishment in the United States (GENIUS) Act, which aims to create a regulatory framework for stablecoins. The bill would require issuers of stablecoins with a market cap above $10 billion to be regulated by the Federal Reserve, while issuers below that threshold would be regulated by the states. The bill requires stablecoin issuers to provide monthly audited reserve reports, and submitting misinformation could result in criminal penalties. The bill is supported by Senators Tim Scott, Kirsten Gillibrand, and Cynthia Lummis.