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Committee advances bill to regulate stablecoins, tying state rules to federal "Genius Act"
Summary
The House Banks & Banking Committee advanced a bill to create a state regulatory framework for stablecoin issuers, linking Georgia rules to the federal "Genius Act," requiring 1:1 backing and KYC/AML compliance and giving the Department of Banking and Finance licensing authority.
Chairman Todd Jones presided over a committee hearing that advanced legislation to create a state regulatory framework for stablecoins, with witnesses and the sponsor arguing the measure would preserve Georgia’s fintech competitiveness.
The bill sponsor told the committee the Georgia Payment Stablecoin Act is intended as a state-level companion to the federal "Genius Act," and would empower the Georgia Department of Banking and Finance to license and supervise stablecoin issuers while requiring issuers to back coins 1:1 with U.S. dollars and short-term Treasury instruments.
Supporters said the bill protects consumers and the state banking system while…
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