S. 1582 · Signed into law · Finance and Financial Sector

GENIUS Act

What it does

Establishes a regulatory framework permitting only approved issuers (subsidiaries of insured depository institutions, federal-qualified nonbank issuers, or state-qualified issuers) to issue payment stablecoins to U.S. pe
Requires permitted stablecoin issuers to maintain one-to-one reserves in U.S. currency or equivalently liquid assets and to publicly disclose their redemption policies and monthly reserve details.
Permits issuers to choose federal or state regulation, with state regulation capped at issuers with stablecoin issuances of $10 billion or less.
Authorizes the Department of Treasury to permit foreign stablecoin issuers to operate in the United States through digital asset service providers, subject to Treasury determination and specified requirements.

Official 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…

Latest action

Jul 18, 2025: Became Public Law No: 119-27.

Committee: Senate Banking, Housing, and Urban Affairs