# 119-s-1582: GENIUS Act

119-s-1582, GENIUS Act, is a 119th Congress bill sponsored by Sen. Hagerty, Bill [R-TN] (R-TN); status became_law; PRIA reads it as touching household money (as of 2026-07-31).

- Canonical: https://policyrisk.com/legislation/119-s-1582
- As of: 2026-07-31
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: 119-s-1582
- Congress: 119
- Title: GENIUS Act
- Status: became_law
- Introduced: 2025-05-01
- Sponsor: Sen. Hagerty, Bill [R-TN] (R-TN)
- Cosponsors: 5
- Policy area: Finance and Financial Sector
- Touches household money: yes
- Last recorded action: 2026-07-31

## Summary

**This law creates a _national regulatory framework for payment stablecoins_.** It limits who may issue U.S. payment stablecoins and requires one-to-one reserves, monthly disclosure, audits, anti-money-laundering controls, and clear redemption rules. - Families and holders: Clear redemption rules and public monthly reserve reports are required to improve transparency. Holders get priority to required reserves in insolvency and issuers may not pay interest just for holding a stablecoin. - Issuers and banks: Only permitted issuers can issue payment stablecoins and State supervision is limited to issuers with $10 billion or less of outstanding issuance. Issuers must back coins 1:1 with U.S. cash or short-term Treasuries, provide monthly CEO/CFO certifications, and very large nonreporting issuers face audited GAAP statements above $50 billion. - Foreign issuers and platforms: Digital asset service providers may not offer U.S. persons stablecoins unless issued by a permitted issuer or a foreign issuer meets comparable rules. Treasury can make reciprocal arrangements, issue waivers, and seek civil fines up to $1,000,000 or marketing penalties up to $500,000 for violations.

## Cosponsors (5)

- Sen. Lummis, Cynthia M. [R-WY] (R-WY), 2025-05-01T00:00:00.000Z
- Sen. Scott, Tim [R-SC] (R-SC), 2025-05-01T00:00:00.000Z
- Sen. Sullivan, Dan [R-AK] (R-AK), 2025-05-07T00:00:00.000Z
- Sen. Moreno, Bernie [R-OH] (R-OH), 2025-06-17T00:00:00.000Z
- Sen. Ricketts, Pete [R-NE] (R-NE), 2025-06-17T00:00:00.000Z

## Votes

| Date | Chamber | Question | Result | Yea | Nay |
| --- | --- | --- | --- | --- | --- |
| 2025-07-17T00:00:00.000Z | house | On Passage | Passed | 308 | 122 |
| 2025-06-17T17:11:00.000Z | senate | On Passage of the Bill S. 1582 | Bill Passed | 68 | 30 |
| 2025-06-12T14:21:00.000Z | senate | On the Cloture Motion S. 1582 | Cloture Motion Agreed to | 67 | 27 |
| 2025-05-21T11:40:00.000Z | senate | On the Motion to Proceed S. 1582 | Motion to Proceed Agreed to | 69 | 31 |
| 2025-05-19T20:41:00.000Z | senate | On Cloture on the Motion to Proceed S. 1582 | Cloture on the Motion to Proceed Agreed to | 66 | 32 |
| 2025-05-08T13:51:00.000Z | senate | On Cloture on the Motion to Proceed S. 1582 | Cloture on the Motion to Proceed Rejected | 48 | 49 |

## Provisions PRIA read

- You can still self-custody: benefit, low. The law does not block three narrow actions. You can send coins directly to another person without an intermediary. You can move your assets between your U.S. account and your foreign account if both are from the same parent company. You can use your own software or hardware wallet for self‑custody.
- Tough fines and swift enforcement: cost, medium. Breaking the law can bring big fines and even jail. Issuance and related violations can cost up to $100,000 per day. Foreign issuers that keep offering after a noncompliance finding face up to $1,000,000 per violation per day. Platforms that break Treasury bans can face $100,000 per violation per d…
- Officials must disclose small stablecoins: cost, low. Federal public financial disclosure filers must list permitted payment stablecoins that add up to $5,000 or less. This rule takes effect no later than 18 months after enactment or 120 days after final rules, whichever is earlier.
- Your stablecoins are fully backed: mixed, high. Each payment stablecoin is backed 1‑to‑1 by safe assets like U.S. cash, insured deposits, or Treasuries with 93 days or less to maturity. Issuers must post month‑end totals and reserve makeup every month, and a public accountant must examine each monthly report. CEOs and CFOs must certify these rep…
- Protections if an issuer fails: mixed, high. If a permitted issuer goes insolvent, holders share first in the required reserves, pro rata. If reserves fall short, holders get a top claim on the estate to the extent more reserves should have been held. Redemptions from required reserves are not blocked by the usual bankruptcy pause, and courts…
- Only licensed firms can issue stablecoins: mixed, high. The law makes it illegal to issue payment stablecoins unless you are a permitted issuer. Regulators must accept applications, say within 30 days if they are complete, and decide within 120 days. They can deny only for unsafe or unsound activity and must give written reasons and steps to fix it. App…
- Foreign stablecoins face U.S. checks: mixed, medium. Three years after enactment, platforms in the U.S. cannot offer payment stablecoins unless they are from permitted issuers. A foreign issuer can be offered here only if Treasury finds its home rules comparable, it registers with the Comptroller, and it holds U.S. reserves for U.S. customers unless…
- Regulators will supervise and standardize: mixed, medium. Federal regulators must examine permitted issuers, get needed reports, and avoid duplicate exams. They must finish implementing rules within 1 year and report to Congress within 180 days after the effective date. Regulators, with NIST and standards groups, must assess and may set interoperability s…
- State option for smaller issuers: mixed, medium. Issuers with $10 billion or less in stablecoins can operate under a certified State regime that is substantially similar to federal rules. Treasury sets the principles for “substantially similar” by rule. States must seek certification within 1 year after the effective date, and a review committee…
- Stronger AML rules and research: mixed, medium. Permitted issuers are treated as financial institutions under anti‑money‑laundering laws. They must verify customers, keep records, monitor and report suspicious activity, and be able to block or freeze illegal transactions. Treasury opens a 60‑day public comment 30 days after enactment, then repor…

## Related bills

- 119-s-3752: SAVE America Act
- 119-s-5025: Lindsey O. Graham Sanctioning Russia Act of 2026
- 119-s-401: Fair Access to Banking Act
- 119-s-186: No Taxpayer Funding for Abortion and Abortion Insurance Full Disclosure Act of 2025
- 119-s-6: Born-Alive Abortion Survivors Protection Act
- 119-s-213: Main Street Tax Certainty Act

## Sources
- [119-s-1582 on Congress.gov](https://www.congress.gov/bill/119th-congress/senate-bill/1582)

## Related
- [119-s-3752: SAVE America Act](https://policyrisk.com/legislation/119-s-3752)
- [119-s-5025: Lindsey O. Graham Sanctioning Russia Act of 2026](https://policyrisk.com/legislation/119-s-5025)
- [119-s-401: Fair Access to Banking Act](https://policyrisk.com/legislation/119-s-401)
- [119-s-186: No Taxpayer Funding for Abortion and Abortion Insurance Full Disclosure Act of…](https://policyrisk.com/legislation/119-s-186)
- [119-s-6: Born-Alive Abortion Survivors Protection Act](https://policyrisk.com/legislation/119-s-6)
- [119-s-213: Main Street Tax Certainty Act](https://policyrisk.com/legislation/119-s-213)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/119-s-1582 (as of 2026-07-31).