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GENIUS Act of 2025

Introduced: March 10, 2025 Introduced by: Hagerty, Bill Republican · Tennessee See on congress.gov
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 Everywhere this bill has been 5 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 18, 2025
Placed on Senate Legislative Calendar under General Orders. Calendar No. 33.
Mar 18, 2025
Committee 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.
Mar 13, 2025
Committee on Banking, Housing, and Urban Affairs. Ordered to be reported with an amendment in the nature of a substitute favorably.
Mar 10, 2025
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Mar 10, 2025
Introduced in Senate
 Plain-English summary Congressional Research Service

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.

What's happening now March 18, 2025

Placed on Senate Legislative Calendar under General Orders. Calendar No. 33.

 Cosponsors 4
All 4 Democratic 2 Republican 2