United StatesGENIUS Act
What it does
This act establishes a regulatory framework for payment stablecoins (digital assets which an issuer must redeem for a fixed value).
More detail
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 re
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Where it stands
- Introduced
- Passed Senate
- Passed House
- To President
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2025
- Jul 18Signed by President.Became Law
- Jul 18Became Public Law No: 119-27.Minor
- Jul 17Considered under the provisions of rule H. Res. 580. (consideration: CR H3405-3427)
- Vote recorded On Passage. Result: Passed.House
- Jul 17Rule 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.
- Jul 17DEBATE - The House proceeded with one hour of debate on S. 1582.
- Jul 17The previous question was ordered pursuant to the rule.
- Jul 17POSTPONED 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.
- Jul 17Considered as unfinished business. (consideration: CR H3449-3450)
- Jul 17Passed/agreed to in House: On passage Passed by the Yeas and Nays: 308 - 122 (Roll no. 200). (text: CR H3405-3418)
- Jul 17Motion to reconsider laid on the table Agreed to without objection.
- Jul 17Presented to President.To President
- Jul 16Rule H. Res. 580 passed House.Passed House
- Jul 15Rules 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.
- Jun 23Message on Senate action sent to the House.
- Jun 23Received in the House.
- Jun 23Held at the desk.
- Jun 17Considered by Senate. (consideration: CR S3418-3432)
- Vote recorded On Passage of the Bill S. 1582. Result: Bill Passed.Senate
- Jun 17Passed/agreed to in Senate: Passed Senate with an amendment by Yea-Nay Vote. 68 - 30. Record Vote Number: 318. (text: CR S3419-3432)
- Jun 12Considered by Senate. (consideration: CR S3366-3367)
- Vote recorded On the Cloture Motion S. 1582. Result: Cloture Motion Agreed to.Senate
- Jun 12Cloture on the bill, as amended invoked in Senate by Yea-Nay Vote. 67 - 27. Record Vote Number: 312.
- Jun 11Considered by Senate. (consideration: CR S3335-3336)
- Jun 11Motion 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.
- Jun 9Considered by Senate. (consideration: CR S3275-3277)
- Jun 9Cloture motion on the bill presented in Senate. (CR S3276)
- Jun 9Motion 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.
- Jun 2Considered by Senate. (consideration: CR S3155-3156)
- May 21Motion to proceed to measure considered in Senate. (CR S3017)
- Vote recorded On the Motion to Proceed S. 1582. Result: Motion to Proceed Agreed to.Senate
- May 21Motion to proceed to consideration of measure agreed to in Senate by Yea-Nay Vote. 69 - 31. Record Vote Number: 263.Passed Senate
- May 21Measure laid before Senate by motion. (consideration: CR S3025)
- May 20Motion to proceed to measure considered in Senate. (CR S2983)
- Vote recorded On Cloture on the Motion to Proceed S. 1582. Result: Cloture on the Motion to Proceed Agreed to.Senate
- May 19Second cloture motion on the motion to proceed invoked in Senate by Yea-Nay Vote. 66 - 32. Record Vote Number: 262. (CR S2965)
- May 19Cloture motion on the motion to proceed rendered moot in Senate.
- May 19Motion 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.
- May 15Motion to proceed to consideration of measure made in Senate.
- May 15Second cloture motion on the motion to proceed presented in Senate. (CR S2947)
- May 12Motion to proceed to consideration of measure made in Senate. (CR S2847)
- May 8Motion to proceed to consideration of measure made in Senate. (CR S2814)
- Vote recorded On Cloture on the Motion to Proceed S. 1582. Result: Cloture on the Motion to Proceed Rejected.Senate
- May 8Cloture on the motion to proceed to the measure not invoked in Senate by Yea-Nay Vote. 48 - 49. Record Vote Number: 240. (CR S2823)
- May 8Motion 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.
- May 6Motion to proceed to consideration of measure made in Senate. (CR S2772)
- May 6Cloture motion on the motion to proceed to the measure presented in Senate. (CR S2772)
- May 5Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 66.
- May 1Introduced in Senate
- May 1Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.Introduced