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.
Legislative Journey
Became Public Law No: 119-27.
Became Public Law No: 119-27.
Signed by President.
Signed by President.
Presented to President.
HousePresented to President.
Motion to reconsider laid on the table Agreed to without objection.
HouseOn passage Passed by the Yeas and Nays: 308 - 122 (Roll no. 200). (text: CR H3405-3418)
HousePassed/agreed to in House: On passage Passed by the Yeas and Nays: 308 - 122 (Roll no. 200).
Considered as unfinished business. (consideration: CR H3449-3450)
HousePOSTPONED 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.
HouseThe previous question was ordered pursuant to the rule.
HouseDEBATE - The House proceeded with one hour of debate on S. 1582.
HouseRule 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.
HouseConsidered under the provisions of rule H. Res. 580. (consideration: CR H3405-3427)
HouseRule H. Res. 580 passed House.
HouseRules 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.
HouseHeld at the desk.
HouseReceived in the House.
HouseMessage on Senate action sent to the House.
SenatePassed Senate with an amendment by Yea-Nay Vote. 68 - 30. Record Vote Number: 318. (text: CR S3419-3432)
SenatePassed/agreed to in Senate: Passed Senate with an amendment by Yea-Nay Vote. 68 - 30. Record Vote Number: 318.
Considered by Senate. (consideration: CR S3418-3432)
SenateCloture on the bill, as amended invoked in Senate by Yea-Nay Vote. 67 - 27. Record Vote Number: 312.
SenateConsidered by Senate. (consideration: CR S3366-3367)
SenateMotion 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.
SenateConsidered by Senate. (consideration: CR S3335-3336)
SenateMotion 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.
SenateCloture motion on the bill presented in Senate. (CR S3276)
SenateConsidered by Senate. (consideration: CR S3275-3277)
SenateConsidered by Senate. (consideration: CR S3155-3156)
SenateMeasure laid before Senate by motion. (consideration: CR S3025)
SenateMotion to proceed to consideration of measure agreed to in Senate by Yea-Nay Vote. 69 - 31. Record Vote Number: 263.
SenateMotion to proceed to measure considered in Senate. (CR S3017)
SenateMotion to proceed to measure considered in Senate. (CR S2983)
SenateMotion 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.
SenateCloture motion on the motion to proceed rendered moot in Senate.
SenateSecond cloture motion on the motion to proceed invoked in Senate by Yea-Nay Vote. 66 - 32. Record Vote Number: 262. (CR S2965)
SenateSecond cloture motion on the motion to proceed presented in Senate. (CR S2947)
SenateMotion to proceed to consideration of measure made in Senate.
SenateMotion to proceed to consideration of measure made in Senate. (CR S2847)
SenateMotion 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.
SenateCloture on the motion to proceed to the measure not invoked in Senate by Yea-Nay Vote. 48 - 49. Record Vote Number: 240. (CR S2823)
SenateMotion to proceed to consideration of measure made in Senate. (CR S2814)
SenateCloture motion on the motion to proceed to the measure presented in Senate. (CR S2772)
SenateMotion to proceed to consideration of measure made in Senate. (CR S2772)
SenateRead the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 66.
SenateIntroduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
SenateIntroduced in Senate