US Senator Bill Hagerty's revised stablecoin bill GENIUS ACT is released to strengthen cross-border payment supervision requirements

Odaily News According to EleanorTerrett’s post on the X platform, US Senator Bill Hagerty’s updated stablecoin bill, the GENIUS ACT, has been officially released.
In the latest text, the part about "mutual recognition of payment stablecoins issued in overseas jurisdictions" has been expanded compared to the February version, adding reserve requirements, supervision, anti-money laundering and counter-terrorism measures, sanctions compliance standards, liquidity requirements and risk management standards to promote international transactions and enhance interoperability with US dollar payment stablecoins issued overseas.
This bill may have a profound impact on the global stablecoin market and cross-border payment system, and more details need to be further interpreted.