S 1582 119th Congress
GENIUS Act
A bill to provide for the regulation of payment stablecoins, and for other purposes.
Official Title as Introduced Congress.gov
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Bill journey
This is a chronology, not a progress score. Politically.com does not classify stages or infer what comes next. Records sharing a date are grouped because not every source field supplies a time.
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Introduction Congress.gov
Introduced
Introduced in the Senate.
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Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
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Introduced in Senate
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Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 66.
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Placed on Calendar Senate
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Cloture motion on the motion to proceed to the measure presented in Senate. (CR S2772)
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Motion to proceed to consideration of measure made in Senate. (CR S2772)
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Motion by Senator Thune to reconsider the vote by which cloture on the motion to proceed to the measure was not invoked (Record Vote No. 240) made in Senate.
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Cloture on the motion to proceed to the measure not invoked in Senate by Yea-Nay Vote. 48 - 49. Record Vote Number: 240. (CR S2823)
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Motion to proceed to consideration of measure made in Senate. (CR S2814)
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3 middle records across 2 dates. The complete chronology is in the table below.
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Motion by Senator Thune to reconsider the vote by which cloture on the motion to proceed to the measure was not invoked (Record Vote No. 240) rendered moot in Senate.
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Cloture motion on the motion to proceed rendered moot in Senate.
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Second cloture motion on the motion to proceed invoked in Senate by Yea-Nay Vote. 66 - 32. Record Vote Number: 262. (CR S2965)
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Motion to proceed to measure considered in Senate. (CR S2983)
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Measure laid before Senate by motion. (consideration: CR S3025)
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Motion to proceed to consideration of measure agreed to in Senate by Yea-Nay Vote. 69 - 31. Record Vote Number: 263.
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Motion to proceed to measure considered in Senate. (CR S3017)
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Considered by Senate. (consideration: CR S3155-3156)
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Motion by Senator Thune to commit to Senate Committee on Banking, Housing, and Urban Affairs with instructions to report back forthwith with the following amendment (SA 2312) made in Senate.
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Cloture motion on the bill presented in Senate. (CR S3276)
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Considered by Senate. (consideration: CR S3275-3277)
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SAMDT 2228
Proposed amendment SA 2228 withdrawn in Senate.
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SAMDT 2278
SA 2278 fell when SA 2228 withdrawn.
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Motion by Senator Thune to commit to Senate Committee on Banking, Housing, and Urban Affairs with instructions to report back forthwith with the following amendment (SA 2312) fell when cloture was invoked on amendment SA 2307 in Senate.
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Considered by Senate. (consideration: CR S3335-3336)
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SAMDT 2312
SA 2312 (the instructions of the motion to commit) fell when cloture was invoked on amendment SA 2307.
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SAMDT 2313
SA 2313 fell when SA 2312 fell.
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SAMDT 2314
SA 2314 fell when SA 2313 fell.
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Cloture on the bill, as amended invoked in Senate by Yea-Nay Vote. 67 - 27. Record Vote Number: 312.
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Considered by Senate. (consideration: CR S3366-3367)
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SAMDT 2307
Amendment SA 2307 agreed to in Senate by Yea-Nay Vote. 67 - 30. Record Vote Number: 311.
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SAMDT 2308
Proposed amendment SA 2308 withdrawn in Senate.
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SAMDT 2309
SA 2309 fell when SA 2308 withdrawn.
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SAMDT 2310
Proposed amendment SA 2310 withdrawn in Senate.
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SAMDT 2311
SA 2311 fell when SA 2310 withdrawn.
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Passed Senate with an amendment by Yea-Nay Vote. 68 - 30. Record Vote Number: 318. (text: CR S3419-3432)
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Passed/agreed to in Senate: Passed Senate with an amendment by Yea-Nay Vote. 68 - 30. Record Vote Number: 318.
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Considered by Senate. (consideration: CR S3418-3432)
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Engrossed in Senate
A dated text-version record is available.
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Message on Senate action sent to the House.
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Received in the House.
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Held at the desk.
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Official action Congress.gov · 9:34 am UTC
Rules Committee Resolution H. Res. 580 Reported to House. Rule provides for consideration of H.R. 4016, H.R. 3633, H.R. 1919 and S. 1582. The resolution provides for consideration of H.R. 4016 and H.R. 3633 under a structured rule, and H.R. 1919 and S. 1582 under a closed rule, with one hour of general debate on each bill. The resolution provides for a motion to recommit on H.R. 4016, H.R. 3633, and H.R. 1919, and a motion to commit on S. 1582.
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Rule H. Res. 580 passed House.
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Presented to President.
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Presented to President.
Open bill recordOfficial action Congress.gov · 10:36 am UTC
Considered under the provisions of rule H. Res. 580. (consideration: CR H3405-3427)
Open bill recordOfficial action Congress.gov · 10:36 am UTC
Rule provides for consideration of H.R. 4016, H.R. 3633, H.R. 1919 and S. 1582. The resolution provides for consideration of H.R. 4016 and H.R. 3633 under a structured rule, and H.R. 1919 and S. 1582 under a closed rule, with one hour of general debate on each bill. The resolution provides for a motion to recommit on H.R. 4016, H.R. 3633, and H.R. 1919, and a motion to commit on S. 1582.
Open bill recordOfficial action Congress.gov · 10:37 am UTC
DEBATE - The House proceeded with one hour of debate on S. 1582.
Open bill recordOfficial action Congress.gov · 11:43 am UTC
The previous question was ordered pursuant to the rule.
Open bill recordOfficial action Congress.gov · 11:43 am UTC
POSTPONED PROCEEDINGS - At the conclusion of debate on S. 1582, the Chair put the question on passage of the bill and by voice vote, announced that the ayes had prevailed. Ms. Waters demanded the yeas and nays and the Chair postponed further proceedings until a time to be announced.
Open bill recordOfficial action Congress.gov · 3:30 pm UTC
Considered as unfinished business. (consideration: CR H3449-3450)
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On passage Passed by the Yeas and Nays: 308 - 122 (Roll no. 200). (text: CR H3405-3418)
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Passed/agreed to in House: On passage Passed by the Yeas and Nays: 308 - 122 (Roll no. 200).
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Motion to reconsider laid on the table Agreed to without objection.
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Became Public Law No: 119-27.
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Became Public Law No: 119-27.
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Signed by President.
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Signed by President.
Open bill recordEnactment record Congress.gov
Public Law 119-27
GENIUS Act
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Text version Congress.gov
Public Law
A dated text-version record is available.
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View the complete bill journey as an accessible table
| Date and time | Record | Official detail | Source |
|---|---|---|---|
| IntroductionIntroduced | Introduced in the Senate. | Congress.gov | |
| Official actionIntroduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time. | No additional detail supplied.Calendars · Senate | Congress.gov | |
| Official actionIntroduced in Senate | No additional detail supplied.IntroReferral · Library of Congress · Code 10000 | Congress.gov | |
| Official actionRead the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 66. | No additional detail supplied.Calendars · Senate | Congress.gov | |
| Text versionPlaced on Calendar Senate | A dated text-version record is available. | Congress.gov | |
| Official actionCloture motion on the motion to proceed to the measure presented in Senate. (CR S2772) | No additional detail supplied.Floor · Senate | Congress.gov | |
| Official actionMotion to proceed to consideration of measure made in Senate. (CR S2772) | No additional detail supplied.Floor · Senate | Congress.gov | |
| Official actionMotion by Senator Thune to reconsider the vote by which cloture on the motion to proceed to the measure was not invoked (Record Vote No. 240) made in Senate. | No additional detail supplied.Floor · Senate | Congress.gov | |
| Official actionCloture on the motion to proceed to the measure not invoked in Senate by Yea-Nay Vote. 48 - 49. Record Vote Number: 240. (CR S2823) | No additional detail supplied.Floor · Senate | Congress.gov | |
| Official actionMotion to proceed to consideration of measure made in Senate. (CR S2814) | No additional detail supplied.Floor · Senate | Congress.gov | |
| Official actionMotion to proceed to consideration of measure made in Senate. (CR S2847) | No additional detail supplied.Floor · Senate | Congress.gov | |
| Official actionSecond cloture motion on the motion to proceed presented in Senate. (CR S2947) | No additional detail supplied.Floor · Senate | Congress.gov | |
| Official actionMotion to proceed to consideration of measure made in Senate. | No additional detail supplied.Floor · Senate | Congress.gov | |
| Official actionMotion by Senator Thune to reconsider the vote by which cloture on the motion to proceed to the measure was not invoked (Record Vote No. 240) rendered moot in Senate. | No additional detail supplied.Floor · Senate | Congress.gov | |
| Official actionCloture motion on the motion to proceed rendered moot in Senate. | No additional detail supplied.Floor · Senate | Congress.gov | |
| Official actionSecond cloture motion on the motion to proceed invoked in Senate by Yea-Nay Vote. 66 - 32. Record Vote Number: 262. (CR S2965) | No additional detail supplied.Floor · Senate | Congress.gov | |
| Official actionMotion to proceed to measure considered in Senate. (CR S2983) | No additional detail supplied.Floor · Senate | Congress.gov | |
| Official actionMeasure laid before Senate by motion. (consideration: CR S3025) | No additional detail supplied.Floor · Senate | Congress.gov | |
| Official actionMotion to proceed to consideration of measure agreed to in Senate by Yea-Nay Vote. 69 - 31. Record Vote Number: 263. | No additional detail supplied.Floor · Senate | Congress.gov | |
| Official actionMotion to proceed to measure considered in Senate. (CR S3017) | No additional detail supplied.Floor · Senate | Congress.gov | |
| Official actionConsidered by Senate. (consideration: CR S3155-3156) | No additional detail supplied.Floor · Senate | Congress.gov | |
| Official actionMotion by Senator Thune to commit to Senate Committee on Banking, Housing, and Urban Affairs with instructions to report back forthwith with the following amendment (SA 2312) made in Senate. | No additional detail supplied.Floor · Senate | Congress.gov | |
| Official actionCloture motion on the bill presented in Senate. (CR S3276) | No additional detail supplied.Floor · Senate | Congress.gov | |
| Official actionConsidered by Senate. (consideration: CR S3275-3277) | No additional detail supplied.Floor · Senate | Congress.gov | |
| AmendmentSAMDT 2228 | Proposed amendment SA 2228 withdrawn in Senate. | Congress.gov | |
| AmendmentSAMDT 2278 | SA 2278 fell when SA 2228 withdrawn. | Congress.gov | |
| Official actionMotion by Senator Thune to commit to Senate Committee on Banking, Housing, and Urban Affairs with instructions to report back forthwith with the following amendment (SA 2312) fell when cloture was invoked on amendment SA 2307 in Senate. | No additional detail supplied.Floor · Senate | Congress.gov | |
| Official actionConsidered by Senate. (consideration: CR S3335-3336) | No additional detail supplied.Floor · Senate | Congress.gov | |
| AmendmentSAMDT 2312 | SA 2312 (the instructions of the motion to commit) fell when cloture was invoked on amendment SA 2307. | Congress.gov | |
| AmendmentSAMDT 2313 | SA 2313 fell when SA 2312 fell. | Congress.gov | |
| AmendmentSAMDT 2314 | SA 2314 fell when SA 2313 fell. | Congress.gov | |
| Official actionCloture on the bill, as amended invoked in Senate by Yea-Nay Vote. 67 - 27. Record Vote Number: 312. | No additional detail supplied.Floor · Senate | Congress.gov | |
| Official actionConsidered by Senate. (consideration: CR S3366-3367) | No additional detail supplied.Floor · Senate | Congress.gov | |
| AmendmentSAMDT 2307 | Amendment SA 2307 agreed to in Senate by Yea-Nay Vote. 67 - 30. Record Vote Number: 311. | Congress.gov | |
| AmendmentSAMDT 2308 | Proposed amendment SA 2308 withdrawn in Senate. | Congress.gov | |
| AmendmentSAMDT 2309 | SA 2309 fell when SA 2308 withdrawn. | Congress.gov | |
| AmendmentSAMDT 2310 | Proposed amendment SA 2310 withdrawn in Senate. | Congress.gov | |
| AmendmentSAMDT 2311 | SA 2311 fell when SA 2310 withdrawn. | Congress.gov | |
| Official actionPassed Senate with an amendment by Yea-Nay Vote. 68 - 30. Record Vote Number: 318. (text: CR S3419-3432) | No additional detail supplied.Floor · Senate | Congress.gov | |
| Official actionPassed/agreed to in Senate: Passed Senate with an amendment by Yea-Nay Vote. 68 - 30. Record Vote Number: 318. | No additional detail supplied.Floor · Library of Congress · Code 17000 | Congress.gov | |
| Official actionConsidered by Senate. (consideration: CR S3418-3432) | No additional detail supplied.Floor · Senate | Congress.gov | |
| Text versionEngrossed in Senate | A dated text-version record is available. | Congress.gov | |
| Official actionMessage on Senate action sent to the House. | No additional detail supplied.Floor · Senate | Congress.gov | |
| Official actionReceived in the House. | No additional detail supplied.Floor · House floor actions · Code H14000 | Congress.gov | |
| Official actionHeld at the desk. | No additional detail supplied.Floor · House floor actions · Code H15000 | Congress.gov | |
| Official actionRules Committee Resolution H. Res. 580 Reported to House. Rule provides for consideration of H.R. 4016, H.R. 3633, H.R. 1919 and S. 1582. The resolution provides for consideration of H.R. 4016 and H.R. 3633 under a structured rule, and H.R. 1919 and S. 1582 under a closed rule, with one hour of general debate on each bill. The resolution provides for a motion to recommit on H.R. 4016, H.R. 3633, and H.R. 1919, and a motion to commit on S. 1582. | No additional detail supplied.Floor · House floor actions · Code H1L210 | Congress.gov | |
| Official actionRule H. Res. 580 passed House. | No additional detail supplied.Floor · House floor actions · Code H1L220 | Congress.gov | |
| Official actionPresented to President. | No additional detail supplied.Floor · House floor actions · Code E20000 | Congress.gov | |
| Official actionPresented to President. | No additional detail supplied.President · Library of Congress · Code 28000 | Congress.gov | |
| Official actionConsidered under the provisions of rule H. Res. 580. (consideration: CR H3405-3427) | No additional detail supplied.Floor · House floor actions · Code H30000 | Congress.gov | |
| Official actionRule provides for consideration of H.R. 4016, H.R. 3633, H.R. 1919 and S. 1582. The resolution provides for consideration of H.R. 4016 and H.R. 3633 under a structured rule, and H.R. 1919 and S. 1582 under a closed rule, with one hour of general debate on each bill. The resolution provides for a motion to recommit on H.R. 4016, H.R. 3633, and H.R. 1919, and a motion to commit on S. 1582. | No additional detail supplied.Floor · House floor actions · Code H8D000 | Congress.gov | |
| Official actionDEBATE - The House proceeded with one hour of debate on S. 1582. | No additional detail supplied.Floor · House floor actions · Code H8D000 | Congress.gov | |
| Official actionThe previous question was ordered pursuant to the rule. | No additional detail supplied.Floor · House floor actions · Code H35000 | Congress.gov | |
| Official actionPOSTPONED PROCEEDINGS - At the conclusion of debate on S. 1582, the Chair put the question on passage of the bill and by voice vote, announced that the ayes had prevailed. Ms. Waters demanded the yeas and nays and the Chair postponed further proceedings until a time to be announced. | No additional detail supplied.Floor · House floor actions · Code H8D000 | Congress.gov | |
| Official actionConsidered as unfinished business. (consideration: CR H3449-3450) | No additional detail supplied.Floor · House floor actions · Code H30000 | Congress.gov | |
| Official actionOn passage Passed by the Yeas and Nays: 308 - 122 (Roll no. 200). (text: CR H3405-3418) | No additional detail supplied.Floor · House floor actions · Code H37100 | Congress.gov | |
| Official actionPassed/agreed to in House: On passage Passed by the Yeas and Nays: 308 - 122 (Roll no. 200). | No additional detail supplied.Floor · Library of Congress · Code 8000 | Congress.gov | |
| Official actionMotion to reconsider laid on the table Agreed to without objection. | No additional detail supplied.Floor · House floor actions · Code H38310 | Congress.gov | |
| Official actionBecame Public Law No: 119-27. | No additional detail supplied.President · Library of Congress · Code E40000 | Congress.gov | |
| Official actionBecame Public Law No: 119-27. | No additional detail supplied.BecameLaw · Library of Congress · Code 36000 | Congress.gov | |
| Official actionSigned by President. | No additional detail supplied.President · Library of Congress · Code E30000 | Congress.gov | |
| Official actionSigned by President. | No additional detail supplied.BecameLaw · Library of Congress · Code 36000 | Congress.gov | |
| Enactment recordPublic Law 119-27 | GENIUS Act | Congress.gov | |
| Text versionPublic Law | A dated text-version record is available. | Congress.gov |
House roll calls join only on matching Congress, legislation type, and number. Senate roll calls join only on matching source-supplied document type and number, not question text. Committee and related-measure relationships have no date in their relationship records and therefore are counted above but never placed on the chronology.
Congressional Research Service
CRS summary
Guiding and Establishing National Innovation for U.S. Stablecoins Act or the GENIUS ActThis act establishes a regulatory framework for payment stablecoins (digital assets which an issuer must redeem for a fixed value).Under the act, 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 act specifies requirements for (1) reusing reserves; (2) providing safekeeping services for stablecoins; and (3) supervisory, examination, and enforcement authority over federal-qualified issuers.The act 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 act, permitted payment stablecoins are not considered securities or commodities under law. However, permitted issuers are subject to the Bank Secrecy Act for anti-money laundering and related purposes.(Sec. 3) This section establishes that only payment stablecoin issuers permitted under this act are allowed to issue a payment stablecoin in the United States. Knowing violations of this requirement shall be subject to a fine of up to $1 million for each violation, up to 5 years imprisonment, or both. Treasury may issue regulations establishing limited safe harbors from this requirement that are consistent with the act's purposes, limited in scope, and apply to a de minimus volume of transactions. Three years after the date of enactment, digital asset service providers are prohibited from offering or selling stablecoins that are not issued by permitted issuers. Providers are also prohibited from offering, selling, or otherwise making available in the United States a foreign-issued payment stablecoin, unless it complies with requirements provided in section 18 of the act.(Sec. 4) This section establishes requirements for permitted issuers. Issuers must maintain reserves on a one-to-one basis. Reserves must be comprised ofU.S. coins and currency;demand deposits or shares at an insured depository institution;certain Treasury acts, notes, or bonds;money received under certain repurchase agreements or reverse repurchase agreements;certain investment company securities and money market funds invested in certain approved assets on this list;similarly liquid federal assets approved by regulators; orcertain listed reserves in tokenized forms. Issuers must comply with redemption requirements, such as establishing timely redemption procedures and disclosing such procedures and associated fees. Issuers must also report on the monthly composition of the issuer's reserves. These reports must be examined by a registered public accounting firm and certified by the chief executive officer and chief financial officer of the issuer.The section prohibits the rehypothecation, or reuse, of reserves with limited exceptions.Primary federal payment stablecoin regulators (federal regulators) and state payment stablecoin regulators (state regulators), where applicable, must issue regulations to implement capital requirements, liquidity reserve standards, reserve asset diversification standards, and risk management standards.Issuers are subject to the anti-money laundering and counterterrorism requirements that are applicable to financial institutions.The section sets forth requirements regarding activities of a permitted issuer, including by prohibiting issuers from providing services on the condition that a customer obtains an additional paid product or service from the issuer or a subsidiary.Large issuers (those with more than $50 billion in consolidated total outstanding issuance) must publish an audited annual financial statement in accordance with generally accepted accounting principles.The section prohibits a public nonfinancial services company from issuing payment stablecoins unless the company obtains unanimous approval from the Stablecoin Certification Review Committee.A state qualified payment stablecoin issuer with a consolidated total outstanding issuance of not more than $10 billion may opt for state regulation if such regulation is substantially similar to the federal regulatory framework under this act. If the issuance exceeds that amount, the issuer must transition to federal regulation, receive a waiver from the federal regulator to remain under state regulation, or stop issuing stablecoins until the issuance is under the threshold.(Sec. 5) This section establishes requirements for stablecoins issued by subsidiaries of insured depository institutions and certain entities chartered by the Office of the Comptroller of the Currency (OCC) to issue payment stablecoins. Federal regulators must establish an application process and a supervision framework for such entities.The section sets forth requirements for the review of applications, explanations for denials, and an appeals process.(Sec. 6) This section sets forth supervision, examination, and enforcement requirements for payment stablecoin issuers under federal supervision. The provisions include reporting on financial conditions, risk management, compliance with the act, and compliance with sanctions and anti-money laundering requirements. The section specifies that payment stablecoin issuers with less than $10 billion in consolidated total outstanding issuance are subject to federal supervision if they are not state qualified payment stablecoin issuers.The section establishes civil penalties for violations of this act that are committed by those subject to federal supervision.(Sec. 7) This section establishes state regulatory authority over issuers that qualify for and elect state regulation. The Federal Reserve Board may exercise enforcement authority over state issuers in unusual and exigent circumstances. The OCC must exercise enforcement authority over nonbank state issuers in these circumstances.(Sec. 8) This section requires foreign issuers to comply with the terms of lawful orders to be allowed to offer, sell, or make available for trading a payment stablecoin in the United States. The section sets forth enforcement and appeal provisions. Treasury may waive the prohibition against the secondary trading of foreign payment stablecoins in the United States from noncompliant foreign issuers on a case-by-case basis if certain criteria are met.(Sec. 9) Treasury must seek public comment regarding methods, techniques, or strategies for financial institutions to detect illicit activities involving digital assets and perform research and risk assessments on such methods, techniques, or strategies. Treasury must report their legislative recommendations to Congress and the Financial Crimes Enforcement Network must issue rules based on the results.(Sec. 10) This section establishes requirements for custodial or safekeeping services for payment stablecoin reserves, collateral, and the private keys used to issue stablecoins. Among other requirements, such property must be separately accounted for and not comingled with other assets of the custodian.(Sec. 11) This section addresses the treatment of payment stablecoins and stablecoin issuers in bankruptcy and insolvency proceedings, including their claim priority, conditions for an automatic stay, and the treatment of reserves as property of the estate.Federal regulators must also report on topics regarding potential insolvency proceedings of issuers.(Sec. 12) Federal regulators may, if determined necessary after an assessment, prescribe technical standards for issuers to promote compatibility and interoperability with other issuers and the broader digital finance system.(Sec. 13) This section requires regulators to issue regulations to carry out the act, with federal and state regulators and Treasury coordinating as appropriate.(Sec. 14) This section requires Treasury to study and report on nonpayment stablecoins, including endogenously collateralized payment stablecoins (a digital asset the originator of which has represented will be converted, redeemed, or repurchased for a fixed amount of monetary value and that relies solely on the value of another digital asset created or maintained by the same originator to maintain the fixed price).(Sec. 15) This section requires federal regulators to annually report on payment stablecoin activity trends, the number of payment stablecoin issuer applicants, and the potential financial stability risks to the safety and soundness of the broader financial system posed by payment stablecoin activities.(Sec. 16) This section defines authorities related to the act, such as by providing that the act does not limit the authority of a depository institution, credit union, national bank, or trust company to issue digital assets to represent deposits or shares.Federal financial regulators may not require a financial institution to include certain digital assets held in its custody as a liability on financial statements or balance sheets.(Sec. 17) This section establishes that payment stablecoins issued by permitted issuers are not securities or commodities under federal law.(Sec. 18) This section provides an exception to the act's prohibition on foreign-issued payment stablecoins. For the exception to apply, foreign issuers must be subject to regulation and supervision by a foreign country that is comparable to the requirements under this act, as determined by Treasury. The foreign issuer must also be registered with the OCC, hold sufficient reserves in a U.S. financial institution (subject to exceptions), and the country where the issuer is domiciled must not be subject to U.S. sanctions.The section sets forth requirements for Treasury's determination as to whether a foreign country has comparable regulatory and supervisory requirements, including the process of requesting a determination, the deadline for Treasury to render a decision, and the process by which Treasury may rescind a previous determination.The section also sets forth OCC registration requirements.Treasury may implement reciprocal or bilateral agreements between the United States and jurisdictions with comparable regulatory requirements.(Sec. 19) This section requires certain federal employees to disclose holdings over $5,000 of permitted payment stablecoins as part of required financial disclosures.(Sec. 20) The act takes effect on the earlier of (1) 18 months after the date of enactment, or (2) 120 days after federal regulators issue final regulations implementing the act.
Guiding and Establishing National Innovation for U.S. Stablecoins Act or the GENIUS ActThis 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.
Official documents
Text versions
- Enrolled BillNot supplied
- Engrossed in SenateJun 17, 2025
- Placed on Calendar SenateMay 5, 2025
- Public LawJul 19, 2025