S. 1582
GENIUS Act
Guiding and Establishing National Innovation for U.S. Stablecoins Act or the GENIUS Act This 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…
Full text and status on Congress.gov
Roll calls on this measure (7)
- On Passage: S. 1582: GENIUS Act (House, Jul 17, 2025; Passed)
- On Passage of the Bill S. 1582: S. 1582: A bill to provide for the regulation of payment stablecoins, and for other purposes. (Senate, Jun 17, 2025; Bill Passed)
- On the Cloture Motion S. 1582: S. 1582: A bill to provide for the regulation of payment stablecoins, and for other purposes. (Senate, Jun 12, 2025; Cloture Motion Agreed to)
- On the Cloture Motion S. 1582: S. 1582: A bill to provide for the regulation of payment stablecoins, and for other purposes. (Senate, Jun 11, 2025; Cloture Motion Agreed to)
- On the Motion to Proceed S. 1582: S. 1582: A bill to provide for the regulation of payment stablecoins, and for other purposes. (Senate, May 21, 2025; Motion to Proceed Agreed to)
- On Cloture on the Motion to Proceed S. 1582: S. 1582: A bill to provide for the regulation of payment stablecoins, and for other purposes. (Senate, May 19, 2025; Cloture on the Motion to Proceed Agreed to)
- On Cloture on the Motion to Proceed S. 1582: S. 1582: A bill to provide for the regulation of payment stablecoins, and for other purposes. (Senate, May 8, 2025; Cloture on the Motion to Proceed Rejected)