GENIUS Act of 2025
- Last Action
- 3/18/2025
Actions
- 2025-03-18Placed on Senate Legislative Calendar under General Orders. Calendar No. 33.
- 2025-03-18Committee on Banking, Housing, and Urban Affairs. Reported by Senator Scott SC, under authority of the order of the Senate of 03/14/2025 with an amendment in the nature of a substitute. Without written report.
- 2025-03-18Committee on Banking, Housing, and Urban Affairs. Reported by Senator Scott SC, under authority of the order of the Senate of 03/14/2025 with an amendment in the nature of a substitute. Without written report.
- 2025-03-13Committee on Banking, Housing, and Urban Affairs. Ordered to be reported with an amendment in the nature of a substitute favorably.
- 2025-03-10Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- 2025-03-10Introduced in Senate
CRS Summary
As of 2025-03-10 (00)
Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025 or the GENIUS Act of 2025
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. 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 to offer stablecoins in the United States if the issuer has the capability to comply with lawful orders. The Department of the Treasury must establish reciprocal agreements between the United States and similarly regulated jurisdictions.
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.
Cosponsors (4)
- Tim Scott (R-SC)
- Kirsten Gillibrand (D-NY)
- Cynthia Lummis (R-WY)
- Angela Alsobrooks (D-MD)
Subjects
- Accounting and auditing
- Bank accounts, deposits, capital
- Banking and financial institutions regulation
- Bankruptcy
- Business records
- Civil actions and liability
- Congressional oversight
- Currency
- Digital media
- Financial crises and stabilization
- Financial services and investments
- Fraud offenses and financial crimes
- Government studies and investigations
- Interest, dividends, interest rates
- International monetary system and foreign exchange
- Judicial procedure and administration
- Judicial review and appeals
- Licensing and registrations
- Securities
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.