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S. 1582 Senate Finance and Financial Sector

GENIUS Act

Introduced
May 1, 2025
Sponsor
Sen. Hagerty, Bill (R-TN)
View on Congress.gov

BECAME LAW JUL 18, 2025

Became Law on Jul 18, 2025.

  1. Senate Introduced in Senate May 1, 2025
  2. Senate Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time. May 1, 2025
  3. Senate Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 66. May 5, 2025
  4. Senate Motion to proceed to consideration of measure made in Senate. (CR S2772) May 6, 2025
  5. Senate Cloture motion on the motion to proceed to the measure presented in Senate. (CR S2772) May 6, 2025
  6. Senate Motion to proceed to consideration of measure made in Senate. (CR S2814) May 8, 2025
  7. Senate Cloture on the motion to proceed to the measure not invoked in Senate by Yea-Nay Vote. 48 - 49. Record Vote Number: 240. (CR S2823) May 8, 2025
  8. Senate Motion by Senator Thune to reconsider the vote by which cloture on the motion to proceed to the measure was not invoked (Record Vote No. 240) made in Senate. May 8, 2025
  9. Senate
    On Cloture on the Motion to Proceed S. 1582 May 8, 2025
    Defeated Yea 48 Nay 49 Roll Call
  10. Senate Motion to proceed to consideration of measure made in Senate. (CR S2847) May 12, 2025
  11. Senate Motion to proceed to consideration of measure made in Senate. May 15, 2025
  12. Senate Second cloture motion on the motion to proceed presented in Senate. (CR S2947) May 15, 2025
  13. Senate Second cloture motion on the motion to proceed invoked in Senate by Yea-Nay Vote. 66 - 32. Record Vote Number: 262. (CR S2965) May 19, 2025
  14. Senate Cloture motion on the motion to proceed rendered moot in Senate. May 19, 2025
  15. Senate Motion by Senator Thune to reconsider the vote by which cloture on the motion to proceed to the measure was not invoked (Record Vote No. 240) rendered moot in Senate. May 19, 2025
  16. Senate Motion to proceed to measure considered in Senate. (CR S2983) May 20, 2025
  17. Senate
    On Cloture on the Motion to Proceed S. 1582 May 20, 2025
    Agreed Yea 66 Nay 32 Roll Call
  18. Senate Motion to proceed to measure considered in Senate. (CR S3017) May 21, 2025
  19. Senate Motion to proceed to consideration of measure agreed to in Senate by Yea-Nay Vote. 69 - 31. Record Vote Number: 263. May 21, 2025
  20. Senate Measure laid before Senate by motion. (consideration: CR S3025) May 21, 2025
  21. Senate
    On the Motion to Proceed S. 1582 May 21, 2025
    Agreed Yea 69 Nay 31 Roll Call
  22. Senate Considered by Senate. (consideration: CR S3155-3156) Jun 2, 2025
  23. Senate Considered by Senate. (consideration: CR S3275-3277) Jun 9, 2025
  24. Senate Cloture motion on the bill presented in Senate. (CR S3276) Jun 9, 2025
  25. Senate Motion by Senator Thune to commit to Senate Committee on Banking, Housing, and Urban Affairs with instructions to report back forthwith with the following amendment (SA 2312) made in Senate. Jun 9, 2025
  26. Senate Considered by Senate. (consideration: CR S3335-3336) Jun 11, 2025
  27. Senate Motion by Senator Thune to commit to Senate Committee on Banking, Housing, and Urban Affairs with instructions to report back forthwith with the following amendment (SA 2312) fell when cloture was invoked on amendment SA 2307 in Senate. Jun 11, 2025
  28. Senate Considered by Senate. (consideration: CR S3366-3367) Jun 12, 2025
  29. Senate Cloture on the bill, as amended invoked in Senate by Yea-Nay Vote. 67 - 27. Record Vote Number: 312. Jun 12, 2025
  30. Senate
    On the Cloture Motion S. 1582 Jun 12, 2025
    Agreed Yea 67 Nay 27 Roll Call
  31. Senate Considered by Senate. (consideration: CR S3418-3432) Jun 17, 2025
  32. Senate Passed/agreed to in Senate: Passed Senate with an amendment by Yea-Nay Vote. 68 - 30. Record Vote Number: 318. Jun 17, 2025
  33. Senate Passed Senate with an amendment by Yea-Nay Vote. 68 - 30. Record Vote Number: 318. (text: CR S3419-3432) Jun 17, 2025
  34. Senate
    On Passage of the Bill S. 1582 Jun 17, 2025
    Agreed Yea 68 Nay 30 Roll Call
  35. Senate Message on Senate action sent to the House. Jun 23, 2025
  36. House Received in the House. Jun 23, 2025
  37. House Held at the desk. Jun 23, 2025
  38. House Rules Committee Resolution H. Res. 580 Reported to House. Rule provides for consideration of H.R. 4016, H.R. 3633, H.R. 1919 and S. 1582. The resolution provides for consideration of H.R. 4016 and H.R. 3633 under a structured rule, and H.R. 1919 and S. 1582 under a closed rule, with one hour of general debate on each bill. The resolution provides for a motion to recommit on H.R. 4016, H.R. 3633, and H.R. 1919, and a motion to commit on S. 1582. Jul 15, 2025
  39. House Rule H. Res. 580 passed House. Jul 16, 2025
  40. House Considered under the provisions of rule H. Res. 580. (consideration: CR H3405-3427) Jul 17, 2025
  41. House Rule provides for consideration of H.R. 4016, H.R. 3633, H.R. 1919 and S. 1582. The resolution provides for consideration of H.R. 4016 and H.R. 3633 under a structured rule, and H.R. 1919 and S. 1582 under a closed rule, with one hour of general debate on each bill. The resolution provides for a motion to recommit on H.R. 4016, H.R. 3633, and H.R. 1919, and a motion to commit on S. 1582. Jul 17, 2025
  42. House DEBATE - The House proceeded with one hour of debate on S. 1582. Jul 17, 2025
  43. House The previous question was ordered pursuant to the rule. Jul 17, 2025
  44. House POSTPONED PROCEEDINGS - At the conclusion of debate on S. 1582, the Chair put the question on passage of the bill and by voice vote, announced that the ayes had prevailed. Ms. Waters demanded the yeas and nays and the Chair postponed further proceedings until a time to be announced. Jul 17, 2025
  45. House Considered as unfinished business. (consideration: CR H3449-3450) Jul 17, 2025
  46. Senate Passed/agreed to in House: On passage Passed by the Yeas and Nays: 308 - 122 (Roll no. 200). Jul 17, 2025
  47. House On passage Passed by the Yeas and Nays: 308 - 122 (Roll no. 200). (text: CR H3405-3418) Jul 17, 2025
  48. House Motion to reconsider laid on the table Agreed to without objection. Jul 17, 2025
  49. Senate
    Presented to President. Jul 17, 2025
  50. House
    On Passage Jul 17, 2025
    Agreed Yea 308 Nay 122 Roll Call
  51. Senate
    Signed by President. Jul 18, 2025
  52. Senate Latest action
    Became Public Law No: 119-27. Jul 18, 2025

Cosponsors

5

Subjects

Accounting and auditingAdministrative law and regulatory proceduresBank accounts, deposits, capitalBanking and financial institutions regulationBankruptcyBusiness recordsCivil actions and liabilityCongressional oversightCurrencyDepartment of the TreasuryDigital 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 appeals

Summary

Guiding and Establishing National Innovation for U.S. Stablecoins Act or the GENIUS Act

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 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 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 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 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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