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GENIUS Act of 2025
4/4/2025, 3:31 PM
Summary of Bill S 919
The bill aims to address concerns about the potential risks and challenges posed by the use of stablecoins in the financial system. It seeks to ensure that stablecoin issuers are subject to appropriate regulatory oversight and that stablecoins are backed by sufficient reserves to maintain their stability.
Under the provisions of the bill, stablecoin issuers would be required to obtain a license from the appropriate regulatory authority and comply with certain reporting and disclosure requirements. The bill also includes provisions to protect consumers and investors, such as requiring stablecoin issuers to maintain reserves equal to the value of the stablecoins in circulation. Overall, the Payment Stablecoin Regulation Act is intended to provide a framework for the regulation of stablecoins in order to promote financial stability and protect consumers. It is currently being considered by Congress and may undergo further revisions before being voted on.
Congressional Summary of S 919
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.
Read the Full Bill
Current Status of Bill S 919
Bipartisan Support of Bill S 919
Total Number of Sponsors
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
4Democrat Cosponsors
2Republican Cosponsors
2Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill S 919
Primary Policy Focus
Finance and Financial SectorPotential Impact Areas
Alternate Title(s) of Bill S 919
Comments
Savanna Clements
8 months ago
I can't believe this bill is going to pass. It's going to make things so much harder for me and my family. I wish there was something we could do to stop it. It's just not fair.
Jairo Honeycutt
8 months ago
I support this bill.
Van Galloway
8 months ago
I can't believe this bill, it's like they don't even care about us regular folks. It's gonna make things so much harder for me and my family. I don't know how they expect us to survive with this mess. It's just not fair, and I'm really upset about it. This is gonna be a disaster for sure.
