Govoptes

S 1582 · GENIUS Act

Became Public Law No: 119-27.

Introduced
May 1, 2025
Latest action
Jul 18, 2025
Sponsor
Sen. Bill Hagerty [R-TN]
Policy area
Finance and Financial Sector
Cosponsors
5

Summary

Guiding and Establishing National Innovation for U.S. Stablecoins Act or the GENIUS Act This bill establishes a regulatory framework for payment stablecoins (digital assets which an issuer must redeem for a fixed value). Under the bill, only permitted issuers may issue a payment stablecoin for use by U.S. persons, subject to certain exceptions and safe harbors. Permitted issuers must be a subsidiary of an insured depository institution, a federal-qualified nonbank payment stablecoin issuer, or a state-qualified payment stablecoin issuer. Permitted issuers must be regulated by the appropriate federal or state regulator. Permitted issuers may choose federal or state regulation; however, state regulation is limited to those with a stablecoin issuance of $10 billion or less. Permitted issuers must maintain reserves backing the stablecoin on a one-to-one basis using U.S. currency or other similarly liquid assets, as specified. Permitted issuers must also publicly disclose their redemption policy and publish monthly the details of their reserves. The bill specifies requirements for (1) reusing reserves; (2) providing safekeeping services for stablecoins; and (3) supervisory, examination, and enforcement authority over federal-qualified issuers. The bill allows foreign issuers of stablecoins to offer, sell, or make available in the United States stablecoins using digital asset service providers, subject to requirements, including a determination by the Department of Treasury that they are subject to comparable foreign regulations. Under the bill, permitted payment stablecoins are not considered securities under securities law. However, permitted issuers are subject to the Bank Secrecy Act for anti-money laundering and related purposes.

Recent actions

  1. Jul 18, 2025 Became Public Law No: 119-27.
  2. Jul 18, 2025 Became Public Law No: 119-27.
  3. Jul 18, 2025 Signed by President.
  4. Jul 18, 2025 Signed by President.
  5. Jul 17, 2025 Presented to President.
  6. Jul 17, 2025 Presented to President.
  7. Jul 17, 2025 Motion to reconsider laid on the table Agreed to without objection.
  8. Jul 17, 2025 On passage Passed by the Yeas and Nays: 308 - 122 (Roll no. 200). (text: CR H3405-3418)

Votes

Related pages