119th Congress Finance and Financial Sector
S. 919: GENIUS Act of 2025
Reported
- Introduced (completed)
- Passed Senate (not reached)
- Passed House (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
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.
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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.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Angela Alsobrooks D-MDOriginal
- Kirsten Gillibrand D-NYOriginal
- Cynthia Lummis R-WYOriginal
- Tim Scott R-SCOriginal
Who scored on this bill
- 1Bill Hagerty SponsorDrew cross-party cosponsors, introduced, reported3 events+26
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Introductions and cosponsorships count toward weekly caps and show no points.
Other bills by Bill Hagerty
History
- Introduced in the Senate by Bill Hagerty.
Show the full action history (5 actions)
- 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.
- Placed on Senate Legislative Calendar under General Orders. Calendar No. 33.
- Committee on Banking, Housing, and Urban Affairs. Ordered to be reported with an amendment in the nature of a substitute favorably.
- Introduced in Senate
- Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.