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S. 919 Senate Finance and Financial Sector

GENIUS Act of 2025

Introduced
Mar 10, 2025
Sponsor
Sen. Hagerty, Bill (R-TN)
View on Congress.gov

STAGE 3 OF 8 — CALENDARS AND SCHEDULING

Currently in the Senate. Last action: placed on senate legislative calendar under general orders. calendar no. 33 on Mar 18, 2025.

  1. Senate Introduced in Senate Mar 10, 2025
  2. Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Mar 10, 2025
  3. Senate Committee on Banking, Housing, and Urban Affairs. Ordered to be reported with an amendment in the nature of a substitute favorably. Mar 13, 2025
  4. Senate Committee on Banking, Housing, and Urban Affairs. Reported by Senator Scott SC, under authority of the order of the Senate of 03/14/2025 with an amendment in the nature of a substitute. Without written report. Mar 18, 2025
  5. Senate Placed on Senate Legislative Calendar under General Orders. Calendar No. 33. Mar 18, 2025

Cosponsors

4

Subjects

Accounting and auditingBank accounts, deposits, capitalBanking and financial institutions regulationBankruptcyBusiness recordsCivil actions and liabilityCongressional oversightCurrencyDigital mediaFinancial crises and stabilizationFinancial services and investmentsFraud offenses and financial crimesGovernment studies and investigationsInterest, dividends, interest ratesInternational monetary system and foreign exchangeJudicial procedure and administrationJudicial review and appealsLicensing and registrationsSecurities

Committees

  • Banking, Housing, and Urban Affairs Committee
    • [Reported By, Mar 18, 2025]
    • [Markup By, Mar 13, 2025]
    • [Referred To, Mar 10, 2025]

Summary

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.

[Summary as of: Introduced in Senate]

Bill Text

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