All Roll Calls
Yes: 626 • No: 291
S1582119th CongressWALLET
GENIUS Act
Sponsored By: Senator Bill Hagerty
Became Law
Summary
A federal regulatory framework for payment stablecoins. The GENIUS Act creates rules about who may issue U.S. payment stablecoins and how those coins must be backed, disclosed, supervised, and policed for illicit finance.
Show full summary
- Issuers: Only "permitted" issuers may issue payment stablecoins and they must choose federal regulation or meet strict state rules for issuers with $10 billion or less in outstanding issuance. Issuers must back outstanding coins 1:1 with cash or highly liquid assets, publish monthly reserve details, and large issuers above $50 billion face audited GAAP financial statements.
- Consumers and custodians: Reserve assets must be segregated and holders’ claims on reserves are senior in insolvency, with required public redemption policies and monthly certifications to help support redeemability and transparency.
- Foreign issuers and service providers: Foreign stablecoins may enter U.S. markets only if their home rules are comparable and they register. Treasury can designate noncompliant foreign issuers and penalize digital asset service providers up to $100,000 per violation per day and foreign issuers up to $1,000,000 per violation per day, and may block USD‑denominated activity as needed.
Your PRIA Score
Score Hidden
Personalized for You
How does this bill affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this bill and every other piece of legislation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Bill Overview
Analyzed Economic Effects
6 provisions identified: 4 benefits, 1 costs, 1 mixed.
Stronger reserve, custody, and audits
The law requires permitted stablecoin issuers to back each coin one-for-one with identifiable liquid reserves. Only supervised custodians may hold reserves and they must keep customer assets separate. Very large issuers must have monthly audits, plus CEO and CFO monthly attestations, and must certify anti-money-laundering programs within 180 days and yearly. Holders get senior, pro rata claims on required reserves in issuer insolvency and courts are to move quickly to allow redemptions from those reserves.
Limits on public companies' issuance
Public companies not mainly in finance cannot issue payment stablecoins unless a review committee unanimously finds it safe. The law stops those firms from using stablecoin transaction data for targeted ads or selling it without consent. The committee must issue a clarifying rule within one year.
AML research and tech standards
Treasury starts public comment and research to find better ways to detect illicit activity in digital assets. FinCEN must publish guidance and begin rulemaking within three years. Regulators will also study and may set technical interoperability standards with NIST and industry groups. Agencies must send annual industry reports to Congress starting one year after enactment.
Clear federal permit process
The law sets a clear federal permit process for stablecoin issuers. Regulators must tell applicants within 30 days if an application is substantially complete. Regulators must decide on complete applications within 120 days or the application is deemed approved. Federal and state regulators must write implementing rules within one year. States can run a similar state regime for issuers with $10 billion or less outstanding, but issuers that exceed $10 billion must move to the federal system within 360 days or stop new issuance.
Sales ban and enforcement powers
The law makes it unlawful for anyone except permitted issuers to issue payment stablecoins in the U.S. Starting three years after enactment, digital-asset platforms generally cannot sell non-permitted stablecoins to U.S. persons. Regulators can suspend or revoke approvals and impose civil fines and criminal penalties, including fines up to $100,000 per day and criminal fines and jail for knowing violations. In urgent cases, federal regulators can act against state-qualified issuers after short notice.
Rules for foreign stablecoins
Foreign stablecoin issuers must register with the Comptroller to sell to U.S. persons. A registration is deemed approved if not rejected in 30 days. The Comptroller and Treasury can require U.S. reserves, rescind approvals, or block noncompliant foreign issuers. Treasury may recognize comparable foreign regimes after committee review, and may negotiate reciprocal arrangements that let some foreign issuers keep access.
Sponsors & CoSponsors
Sponsor
Bill Hagerty
TN • R
Cosponsors
Cynthia Lummis
WY • R
Sponsored 5/1/2025
Tim Scott
SC • R
Sponsored 5/1/2025
Dan Sullivan
AK • R
Sponsored 5/7/2025
Bernie Moreno
OH • R
Sponsored 6/17/2025
Pete Ricketts
NE • R
Sponsored 6/17/2025
Roll Call Votes
house vote • 7/17/2025
On Passage
Yes: 308 • No: 122
senate vote • 6/17/2025
On Passage of the Bill S. 1582
Yes: 68 • No: 30
senate vote • 6/12/2025
On the Cloture Motion S. 1582
Yes: 67 • No: 27
senate vote • 5/21/2025
On the Motion to Proceed S. 1582
Yes: 69 • No: 31
senate vote • 5/19/2025
On Cloture on the Motion to Proceed S. 1582
Yes: 66 • No: 32
senate vote • 5/8/2025
On Cloture on the Motion to Proceed S. 1582
Yes: 48 • No: 49
Take It Personal
Get Your Personalized Policy View
Start a Free Government Policy Watch to see how policy affects your household, then upgrade to PRIA Full Coverage for year-round monitoring.
Already have an account? Sign in