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 only payment stablecoin issuers permitted under this act are allowed to issue a payment stablecoin in the United States. Knowing violations of this requirement shall be subject to a fine of up to $1 million for each violation, up to 5 years imprisonment, or both. Treasury may issue regulations establishing limited safe harbors from this requirement that are consistent with the act's purposes, limited in scope, and apply to a de minimus volume of transactions.

The summary continues for 40 more paragraphs. Read it in full on Congress.gov

Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Public Law" stage on July 18, 2025. It describes the bill, it is not the legal text.

Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.