GENIUS Act
Question at stake
We do not publish a plain-language question for this bill yet. The full text and the official summary are below.
Source: Congress.gov
Plain-language 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.
Source: Congress.gov
Why it matters
This bill is too thin to summarize responsibly yet. The full text and the official summary are below.
Source: Congress.gov
In committee
The record does not place this bill in a committee yet. Committee unknown is itself a state, not a fabricated value.
Source: Congress.gov
Votes
- On PassagePassed . 308 to 122
- On Passage of the BillBill Passed . 68 to 30
- On the Cloture MotionCloture Motion Agreed to . 67 to 27
- On the Motion to ProceedMotion to Proceed Agreed to . 69 to 31
- On Cloture on the Motion to ProceedCloture on the Motion to Proceed Agreed to . 66 to 32
- On Cloture on the Motion to ProceedCloture on the Motion to Proceed Rejected . 48 to 49
Source: Roll-call records, Congress.gov
Sponsors
Source: Congress.gov