S. 919 · Where this bill is now
In committee
Introduced in the Senate, Mar 10, 2025
What this bill does
In plain words · AI-written from the official summarySets rules for digital payment stablecoins
This bill creates a regulatory framework for payment stablecoins—digital assets that issuers must redeem for a fixed value. Only certain approved issuers, such as subsidiaries of banks or federally-qualified nonbank issuers, would be allowed to issue these stablecoins to U.S. users. These issuers must maintain full reserves backing the stablecoin, publicly disclose their redemption policies, and publish monthly details about what assets back their coins.
How it affects you
If you use digital payment stablecoins or might in the future, this bill would mean those coins come from regulated issuers with reserve requirements and regular public reporting. Banks and payment companies that want to issue stablecoins would need to comply with federal or state oversight. Foreign stablecoin issuers could still operate in the U.S. if they can comply with U.S. lawful orders.
Read the official summary (Introduced in Senate, Mar 10, 2025)
Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025 or the GENIUS Act of 2025
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. 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 to offer stablecoins in the United States if the issuer has the capability to comply with lawful orders. The Department of the Treasury must establish reciprocal agreements between the United States and similarly regulated jurisdictions.
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.
Written by AI (Claude) using only the official summary by the Congressional Research Service, the Library of Congress’s nonpartisan research staff. It can miss nuance, so check the official summary and the bill text for details.
1st SessionS. 919
A BILL
GENIUS Act of 2025
Sponsor: Sen. Bill Hagerty (R-TN) · Introduced Mar 10, 2025 · Finance and Financial Sector · 2 versions of the text
Sources: Congress.gov actions and votes · bill text from GovInfo · latest official action Mar 18, 2025: “Placed on Senate Legislative Calendar under General Orders. Calendar No. 33.”