CoinVoice has recently learned that, according to Bloomberg, the U.S. stablecoin verification review committee will determine whether the framework of each state is "substantially similar" to the federal stablecoin issuance system. The committee is led by the Secretary of the Treasury and includes the Fed Chair and the Chair of the Federal Deposit Insurance Corporation (FDIC). Consensus must be reached for states to obtain federal approval for stablecoin regulation. The "GENIUS Act" aims to simplify state-level regulation, and Gavin Meyers, a financial service regulatory partner at Pierson Ferdinand LLP, stated that the act is expected to reduce the chaotic situation of state regulation.

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