GENIUS Act
Introduced May 1, 2025 by Sen. Bill Hagerty
Signed into law.
This act establishes a regulatory framework for payment stablecoins (digital assets which an issuer must redeem for a fixed value).
Under the act, 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 act specifies requirements for (1) reusing reserves; (2) providing safekeeping services for stablecoins; and (3) supervisory, examination, and enforcement authority over federal-qualified issuers.
Read the full summary on Congress.govSummary by the Congressional Research Service.
- Jul 18, 2025Became Public Law No: 119-27.
- Jul 18, 2025Signed by President.
- Jul 17, 2025Presented to President.
- Jul 17, 2025Motion to reconsider laid on the table Agreed to without objection.
- Jul 17, 2025On passage Passed by the Yeas and Nays: 308 - 122 (Roll no. 200). (text: CR H3405-3418)
- Jul 17, 2025Passed/agreed to in House: On passage Passed by the Yeas and Nays: 308 - 122 (Roll no. 200).
- Jul 17, 2025Considered as unfinished business. (consideration: CR H3449-3450)
- Jul 17, 2025POSTPONED 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, 2025The previous question was ordered pursuant to the rule.
- Jul 17, 2025DEBATE - The House proceeded with one hour of debate on S. 1582.
- Jul 17, 2025Rule 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, 2025Considered under the provisions of rule H. Res. 580. (consideration: CR H3405-3427)
- Jul 16, 2025Rule H. Res. 580 passed House.
- Jul 15, 2025Rules 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.
- Jun 23, 2025Held at the desk.
- Jun 23, 2025Received in the House.
- Jun 23, 2025Message on Senate action sent to the House.
- Jun 17, 2025Passed Senate with an amendment by Yea-Nay Vote. 68 - 30. Record Vote Number: 318. (text: CR S3419-3432)
- Jun 17, 2025Passed/agreed to in Senate: Passed Senate with an amendment by Yea-Nay Vote. 68 - 30. Record Vote Number: 318.
- Jun 17, 2025Considered by Senate. (consideration: CR S3418-3432)
- Jun 12, 2025Cloture on the bill, as amended invoked in Senate by Yea-Nay Vote. 67 - 27. Record Vote Number: 312.
- Jun 12, 2025Considered by Senate. (consideration: CR S3366-3367)
- Jun 11, 2025Motion 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, 2025Considered by Senate. (consideration: CR S3335-3336)
- Jun 9, 2025Motion 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, 2025Cloture motion on the bill presented in Senate. (CR S3276)
- Jun 9, 2025Considered by Senate. (consideration: CR S3275-3277)
- Jun 2, 2025Considered by Senate. (consideration: CR S3155-3156)
- May 21, 2025Measure laid before Senate by motion. (consideration: CR S3025)
- May 21, 2025Motion to proceed to consideration of measure agreed to in Senate by Yea-Nay Vote. 69 - 31. Record Vote Number: 263.
- May 21, 2025Motion to proceed to measure considered in Senate. (CR S3017)
- May 20, 2025Motion to proceed to measure considered in Senate. (CR S2983)
- May 19, 2025Motion 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, 2025Cloture motion on the motion to proceed rendered moot in Senate.
- May 19, 2025Second cloture motion on the motion to proceed invoked in Senate by Yea-Nay Vote. 66 - 32. Record Vote Number: 262. (CR S2965)
- May 15, 2025Second cloture motion on the motion to proceed presented in Senate. (CR S2947)
- May 15, 2025Motion to proceed to consideration of measure made in Senate.
- May 12, 2025Motion to proceed to consideration of measure made in Senate. (CR S2847)
- May 8, 2025Motion 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, 2025Cloture on the motion to proceed to the measure not invoked in Senate by Yea-Nay Vote. 48 - 49. Record Vote Number: 240. (CR S2823)