On July 17, 2025, the House passed S. 1582, the Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025, or GENIUS Act, without amendment. An overview of key policy issues can be found here. The bill would establish a regime to regulate U.S. payment stablecoins, as described below. Requirements f…
GENIUS Act of 2025
Placed on Senate Legislative Calendar under General Orders. Calendar No. 33.
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A stablecoin is a digital asset that aims to maintain a stable price (e.g., a 1:1 peg) with a reference asset, such as the U.S. dollar. In the 119th Congress, legislation to regulate payment stablecoins has seen legislative action in the House (H.R. 2392) and Senate (S. 1582). This In Focus analyzes some of the key is…
On March 18, the Senate Banking, Housing and Urban Affairs Committee reported S. 919, the Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025, or GENIUS Act. The bill would establish a regime to regulate stablecoins, as described below. Requirements for Issuing Payment Stablecoins S. 919 defi…
Cryptocurrencies (or crypto) are digital assets exchanged and recorded on public distributed ledgers (known as blockchains) that do not require central intermediaries (e.g., commercial banks, central banks) for clearing and settlement. Transactions are public and users are pseudonymous, so, while transactions are visi…
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