In this episode of Bankless, Ryan and Austin interview Senator Bill Hagerty about the GENIUS Act, a stablecoin bill that recently passed in the Senate. Hagerty discusses the challenges faced in getting the bill passed, including opposition from Senator Elizabeth Warren, and emphasizes the importance of the bill for bringing the U.S. payment system into the 21st century and maintaining the dollar's dominance. He addresses concerns about potential government overreach and clarifies the differences between stablecoins and Central Bank Digital Currencies (CBDCs). Hagerty also outlines the criteria for issuing stablecoins under the bill, the potential for offshore entities like Tether to comply, and the next steps for the bill in the House, expressing hope for its swift passage and the positive impact it will have on innovation and the U.S. economy.
