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Committee reviews companion bill to implement state licensing for payment stablecoins under the Genius Act
Summary
Representative Pierce presented HB 12‑17 as a state‑level framework to license payment stablecoin issuers consistent with the federal Genius Act; banks and credit unions responded with measured support and cautioned about deposit flight and rulemaking timing. The committee held the bill for further work.
Representative Pierce presented House Bill 12‑17 as a state companion to the federal Genius Act, explaining the bill would create a state licensing pathway for payment stablecoins, require liquidity/reserve safeguards to prevent runs, and give the Department of Financial Institutions rulemaking authority while remaining within the Genius Act’s parameters.
Pierce described payment stablecoins as a subset of cryptocurrencies intended to maintain a 1:1 peg with U.S.…
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