PANews reported on May 7th that U.S. Senator Cynthia Lummis stated that the GENIUS Act aims to strengthen regulation of the stablecoin market, with core provisions including: requiring all stablecoins to maintain 1:1 full reserve backing, guaranteeing consumer priority rights in case of bankruptcy, and establishing strict market promotion compliance standards.
Senator Lummis announces support for the GENIUS Act to regulate the stablecoin market
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