Passed in the House on July 17, 2025 · 308 Yea, 122 Nay, 2 Not Voting
Question: On Passage: S 1582 GENIUS Act
In plain English: This bill creates rules for companies that issue digital currencies meant to hold a steady value, requiring them to back these currencies with U.S. dollars or similar assets and be overseen by regulators. It also sets conditions for foreign companies wanting to offer these digital currencies in the U.S.
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…