The bill would require tokens to be backed by liquid assets including the US dollar and short-term Treasury bills.

The U.S. Senate's passage of the GENIUS Act propelled Coinbase and Circle shares upwards, boosting stablecoin legitimacy.

The bill reads more like a wish list from crypto lobbyists than a serious attempt at oversight. It would create a framework without teeth, with no real limits on who could issue stablecoins and no ...