Senate Banking Committee Chairman Tim Scott (R-SC) announced during a press conference that two key crypto bills are expected to pass by the end of President Donald Trump’s first 100 days in office. The first is a stablecoin bill, the GENIUS Act, introduced by Senator Bill Hagerty (R-TN), which aims to regulate U.S. dollar-backed stablecoins. This legislation will require regular audited reports of fiat reserves from issuers and impose criminal penalties for false reporting. The second legislation will focus on a comprehensive markets structure for cryptocurrencies. White House AI and Crypto Czar David Sacks discussed the importance of digital financial assets and indicated that a bipartisan working group will be established to advance these legislative efforts. Questions were raised about a potential federal crypto reserve linked to a newly announced American sovereign wealth fund, although Sacks clarified that it is a separate initiative. Overall, the government aims to establish a clearer regulatory framework for the growing crypto industry in the United States.

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