Likely helped
- No clear beneficiaries surfaced yet.
S. 394 (119th)Bill Overview
GENIUS Act of 2025
Finance and Financial Sector|Finance and Financial Sector
Cosponsors
Support
Bipartisan
Introduced
Feb 4, 2025
Discussions
Bill Text
Current stageCommittee
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Introduced
Committee
Floor
President
Law
01 · The brief
Plain-English summaryWhat this bill actually does
<p><strong>Guiding and Establishing National Innovation for U.S. Stablecoins of 2025 or the GENIUS Act of 2025 </strong></p><p>This bill establishes a regulatory framework for payment stablecoins (digital assets which an issuer must redeem for a fixed monetary value).</p><p>Under the bill, only permitted issuers may issue a payment stablecoin in the United States. 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.</p><p>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.
Why people may split
The main political fault lines are not fully surfaced yet, so coalition durability is still unclear.
Watch point
The next hurdle is converting committee movement into a floor coalition.
<p><strong>Guiding and Establishing National Innovation for U.S. Stablecoins of 2025 or the GENIUS Act of 2025 </strong></p><p>This bill establishes a regulatory framework for payment stablecoins (digital assets which an issuer must redeem for a fixed monetary value).</p><p>Under the bill, only permitted issuers may issue a payment stablecoin in the United States. 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.</p><p>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.
Passage38/100
This bill has moved beyond introduction, but committee and floor dynamics still determine whether it can build durable support.
CredibilityPartial
How solid the drafting looks.
Contention—
The main political fault lines are not fully surfaced yet, so coalition durability is still unclear.
02 · What it does
Who stands to gain, and who may push back.
Likely benefits vs burdens0% / 100%
Likely helpedLikely burdened
These are examples from the analysis, not a ranked list of the most-affected groups.
Likely burdened
- No clear downsides surfaced yet.
03 · Why people split
Why the argument around this bill splits.
The main political fault lines are not fully surfaced yet, so coalition durability is still unclear.
Progressive—
The main political fault lines are not fully surfaced yet, so coalition durability is still unclear.
Centrist—
The main political fault lines are not fully surfaced yet, so coalition durability is still unclear.
Conservative—
The main political fault lines are not fully surfaced yet, so coalition durability is still unclear.
04 · Can it pass?
The path through Congress.
Introduced
Reached or meaningfully advanced
Committee
Reached or meaningfully advanced
Floor
Still ahead
President
Still ahead
Law
Still ahead
Passage likelihood38/100
This bill has moved beyond introduction, but committee and floor dynamics still determine whether it can build durable support.
Why this could stall
- The next hurdle is converting committee movement into a floor coalition.
05 · Recent votes
Recent votes on the bill.
No vote history yet
The bill has not accumulated any surfaced votes yet.
06 · Go deeper
Go deeper than the headline read.
Included on this page
The main political fault lines are not fully surfaced yet, so coalition durability is still unclear.
This bill has moved beyond introduction, but committee and floor dynamics still determine whether it can build durable support.
Unlocked analysis
Pro readers get the full perspective split, passage barriers, legislative design review, stakeholder impact map, and lens-based policy tradeoff analysis for GENIUS Act of 2025.
Go beyond the headline summary with full stakeholder mapping, legislative design analysis, passage barriers, and lens-by-lens tradeoff breakdowns.
Perspective breakdownsPassage barriersLegislative design reviewStakeholder impact map
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