Committee backs bill to create state framework for payment stablecoins, aligning with federal "Genius Act"
A Georgia House committee recommended a "do pass" for a proposed state payment stablecoin framework designed to mirror the federal "Genius Act," directing oversight to the state Department of Banking and Finance and including reserve, reporting and KYC/AML safeguards.
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A House committee voted to recommend passage of legislation to regulate payment stablecoins, with members and industry witnesses saying the bill would align state rules with the federal "Genius Act" and place licensing and supervision with the Department of Banking and Finance.
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