# 119-s-919: GENIUS Act of 2025

119-s-919, GENIUS Act of 2025, is a 119th Congress bill sponsored by Sen. Hagerty, Bill [R-TN] (R-TN); status in_committee; PRIA reads it as touching household money (as of 2025-12-21).

- Canonical: https://policyrisk.com/legislation/119-s-919
- As of: 2025-12-21
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: 119-s-919
- Congress: 119
- Title: GENIUS Act of 2025
- Status: in_committee
- Introduced: 2025-03-10
- Sponsor: Sen. Hagerty, Bill [R-TN] (R-TN)
- Cosponsors: 4
- Policy area: Finance and Financial Sector
- Touches household money: yes
- Last recorded action: 2025-12-21

## Summary

**Creates a federal framework for payment stablecoins.** This bill would define who may issue U.S. payment stablecoins and set rules for reserves, audits, custody, anti‑money‑laundering, and cross‑border compliance. - Consumers and users: Permitted issuers would have to back each stablecoin 1:1 with U.S. currency or similarly liquid assets, publish a redemption policy, and post monthly reserve composition and outstanding totals. - Issuers and banks: Only permitted issuers may issue payment stablecoins and they must be an insured depository subsidiary, a federal‑qualified nonbank issuer, or a state‑qualified issuer limited to $10 billion or less in outstanding issuance. CEOs and CFOs must certify monthly reports and issuers with more than $50 billion outstanding must publish audited annual GAAP financial statements. - Regulators and cross‑border rules: Federal regulators would set capital, liquidity, AML, custody, and operational standards and the Comptroller would supervise federal nonbank issuers. Treasury could bar secondary U.S. trading of noncompliant foreign stablecoins and impose penalties up to $1,000,000 per day for foreign issuers and $100,000 per day for U.S. intermediaries, while custodians must protect customer assets and stablecoin holders have priority claims on required reserves in insolvency.

## Cosponsors (4)

- Sen. Scott, Tim [R-SC] (R-SC), 2025-03-10T00:00:00.000Z
- Sen. Gillibrand, Kirsten E. [D-NY] (D-NY), 2025-03-10T00:00:00.000Z
- Sen. Lummis, Cynthia M. [R-WY] (R-WY), 2025-03-10T00:00:00.000Z
- Sen. Alsobrooks, Angela D. [D-MD] (D-MD), 2025-03-10T00:00:00.000Z

## Provisions PRIA read

- Technical standards and industry reports: benefit, medium. If enacted, regulators with NIST and standards bodies would assess and may set technical interoperability rules so different stablecoins and systems work together. Regulators must also publish yearly industry reports starting one year after enactment and the Financial Stability Oversight Council wo…
- Stronger reserve and custody protections: mixed, high. If enacted, permitted stablecoins would need reserves equal to outstanding coins on a 1:1 basis. Issuers must post monthly reserve details and get monthly independent exams. Custodians must segregate customer assets and protect them from custodian creditors. Holders would get priority for required…
- Who may issue and marketing limits: mixed, medium. If enacted, only licensed permitted issuers could issue U.S. payment stablecoins. Unlicensed coins could not be treated as cash, used for wholesale settlement, or as cash‑equivalent collateral. The bill would ban marketing that falsely says a stablecoin is U.S. government backed or FDIC/NCUA insure…
- AML, sanctions, and foreign issuer rules: mixed, medium. If enacted, permitted stablecoin issuers would be treated as financial institutions under the Bank Secrecy Act. Issuers must run AML and sanctions programs, check customers, keep records, and block prohibited transactions. Treasury must coordinate with issuers on lawful blocking orders and can desi…
- Capital, liquidity, and risk rules: mixed, medium. If enacted, regulators would set tailored capital, liquidity, reserve‑diversification, and interest‑rate risk rules for permitted issuers. Standards must fit each issuer's business and not be more than needed to keep operations going. Federal banking agencies must avoid forcing insured depository i…
- Licensing, review, and enforcement rules: mixed, medium. If enacted, regulators must tell applicants within 30 days if an application is complete and decide within 120 days or face deemed approval. Regulators could suspend or revoke registrations and fine violators up to $100,000 per day. Rulemaking deadlines and a 12-month safe harbor for certain pendin…
- State opt-in and host‑state rules: mixed, medium. If enacted, issuers with $10 billion or less in outstanding stablecoins could opt for a State regime that matches federal rules. States must certify initial similarity within one year and recertify yearly. If an issuer grows above $10 billion, it must move to the federal framework within 360 days u…

## Related bills

- 119-s-394: GENIUS Act of 2025
- 119-s-5025: Lindsey O. Graham Sanctioning Russia Act of 2026
- 119-s-4395: Terrorism Risk Insurance Program Reauthorization Act of 2026
- 119-sres-913: A resolution relating to the death of the Honorable Nancy Kassebaum, former United States Senator for the State of Kansas.
- 119-sres-897: A resolution honoring the life, service, and legacy of the Honorable Jon Llewellyn Kyl, former Senator for the State of Arizona.
- 119-sres-801: A resolution honoring the life and legacy of the Honorable Lindsey Olin Graham, a Senator from the State of South Carolina.

## Sources
- [119-s-919 on Congress.gov](https://www.congress.gov/bill/119th-congress/senate-bill/919)

## Related
- [119-s-394: GENIUS Act of 2025](https://policyrisk.com/legislation/119-s-394)
- [119-s-5025: Lindsey O. Graham Sanctioning Russia Act of 2026](https://policyrisk.com/legislation/119-s-5025)
- [119-s-4395: Terrorism Risk Insurance Program Reauthorization Act of 2026](https://policyrisk.com/legislation/119-s-4395)
- [119-sres-913: A resolution relating to the death of the Honorable Nancy Kassebaum, former Uni…](https://policyrisk.com/legislation/119-sres-913)
- [119-sres-897: A resolution honoring the life, service, and legacy of the Honorable Jon Llewel…](https://policyrisk.com/legislation/119-sres-897)
- [119-sres-801: A resolution honoring the life and legacy of the Honorable Lindsey Olin Graham,…](https://policyrisk.com/legislation/119-sres-801)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/119-s-919 (as of 2025-12-21).