Mr. Speaker, the Rules Committee report (H. Rept. 119-199) to accompany House Resolution 580 should have included in its waivers of all points of order against consideration of H.R. 3633 and S. 1582 a disclosure of the following violation: Section 303 of the Congressional Budget Act which prohibits consideration of legislation providing new budget authority, a change in revenues, or a change in the public debt limit, for a fiscal year until the budget resolution for that year has been agreed to.
S. 1582: GENIUS Act
Introduced May 1, 20255 cosponsors
Sponsor
Bill Hagerty
Republican · TN
Bill Progress
IntroducedMay 1
Committee
Pass SenateJun 17
Pass HouseJul 17
SignedJul 18
LawJul 18
Latest Action · Jul 18, 2025
1/3
Became Public Law No: 119-27.
Every stablecoin must now be backed 1-to-1 by real dollars
4 min readLast updated June 6, 2026
Why it matters
For the first time, federal law requires every U.S. payment stablecoin to be backed at least 1-to-1 by cash and short-term Treasuries, redeemable on demand, with the reserves disclosed publicly every month. Issuers can't pay you interest on the tokens, and if one collapses, holders get paid before the issuer's other creditors. The GENIUS Act cleared the Senate 68-30 and the House 308-122 and became Public Law 119-27.
The GENIUS Act sets the first federal rules for payment stablecoins — digital tokens an issuer promises to redeem for a fixed amount of real money. Before this, stablecoin issuers operated under a patchwork of state money-transmitter laws with no single national standard.
The core of the law is reserves. Every permitted issuer has to hold safe, liquid assets backing its tokens at least 1-to-1 — think U.S. cash, insured bank deposits, and Treasuries maturing in 93 days or less. Issuers have to publish what's in those reserves every month and let a registered accounting firm check the numbers.
Who gets to issue at all is now limited. Only three types of entities qualify: subsidiaries of insured banks, federally approved nonbanks overseen by the Comptroller of the Currency, and state-approved firms. Smaller issuers — those with $10 billion or less in tokens outstanding — can stay under a state regime that the Treasury certifies as substantially similar to the federal one. Cross that $10 billion line and they move to federal oversight.
The law also draws a line around the rest of crypto. It explicitly excludes blockchain developers, transaction validators, self-custodial wallet software, and liquidity pool participants from being treated as issuers, so building open-source infrastructure doesn't pull you into the regime.
A few hard limits round it out: issuers can't pay holders any interest or yield, can't use names like "United States" or "USG" that imply government backing, and can't put convicted financial felons in officer or director seats. Stablecoins are explicitly not FDIC-insured or backed by the government, and issuers can't claim otherwise.
Visual Summary
S. 1582 at a Glance
<div style="max-width:100%;">
<img src="https://legisletter.org/images/bill-infographics/s1582-genius-act.jpeg" alt="S1582 Visual Summary - GENIUS Act" style="max-width:100%;height:auto;display:block;" />
<p style="margin:8px 0 0;font-size:14px;color:#555;text-align:center;">
<a href="https://legisletter.org/bill/s1582-genius-act" target="_blank" rel="noopener noreferrer" style="color:inherit;text-decoration:underline;">S1582 Visual Summary – GENIUS Act</a>
<span> via </span>
<a href="https://legisletter.org" target="_blank" rel="noopener noreferrer" style="color:inherit;text-decoration:none;font-weight:500;">legisletter.org</a>
</p>
</div>S. 1582 Bill Summary
What S. 1582 actually does.
1
Every token backed 1-to-1 by cash and Treasuries
Permitted issuers must hold reserves backing their stablecoins at least 1-to-1 in safe, liquid assets — U.S. cash, Federal Reserve balances, insured deposits, Treasuries maturing in 93 days or less, overnight Treasury repos, or government money market funds.
2
Holders get paid first if an issuer fails
If an issuer goes bankrupt, stablecoin holders' claims to the reserve assets rank ahead of the issuer's other creditors, putting holders at the front of the line.
3
Monthly proof of reserves, in public
Issuers must publish the composition of their reserves on their website every month and have the reports examined by a registered public accounting firm, with the CEO and CFO certifying the numbers.
4
Only approved entities can issue
Issuance is limited to subsidiaries of insured banks, federally approved nonbanks supervised by the Comptroller, and state-approved firms. Knowingly issuing without approval carries a fine up to $1,000,000, up to 5 years in prison, or both.
5
No interest or yield to holders
Permitted issuers and foreign issuers are barred from paying holders any interest or yield — in cash, tokens, or otherwise — just for holding the stablecoin.
6
$10 billion splits state and federal oversight
Issuers with $10 billion or less in tokens outstanding can stay under a Treasury-certified state regime. Above that, they have 360 days to transition to federal oversight or stop issuing new tokens until they fall back below the line.
Who benefits from S. 1582?
Stablecoin holders
Anyone holding a U.S. payment stablecoin gets enforceable backing: reserves held 1-to-1, redeemable on demand, disclosed monthly, and first priority over the reserves if the issuer collapses.
Banks and credit unions
Insured depository institutions get a defined, federally regulated path to issue their own payment stablecoins through a subsidiary.
Crypto developers and validators
Software developers, transaction validators, self-custodial wallet makers, and liquidity pool participants are explicitly excluded from the issuer rules, so building open-source infrastructure doesn't trigger licensing.
Federal and state regulators
The Federal Reserve, OCC, FDIC, and Treasury — along with certified state regulators — get clear authority to license, examine, and supervise stablecoin issuers.
Who is affected by S. 1582?
Stablecoin issuers
Issuers face new licensing, reserve, disclosure, and audit requirements, and can only conduct stablecoin-related activities — no paying interest, no deceptive government-sounding names.
Large state-regulated issuers
Any state-qualified issuer that grows past $10 billion in outstanding tokens has 360 days to move to federal oversight or pause new issuance until it drops back under the threshold.
Foreign stablecoin issuers
Foreign issuers can reach U.S. users only if Treasury determines their home regulation is comparable and they can comply with U.S. lawful orders. Noncompliant foreign coins face barred U.S. trading and daily penalties.
Digital asset platforms
Exchanges and other digital asset service providers get a three-year runway, after which they can only offer or sell stablecoins issued by permitted issuers to U.S. customers.
On the Record
What Congress Said
S. 1582 was signed into law on Jul 17, 2025.
Mr. Speaker, I thank my friend, the gentleman from Georgia, for this opportunity to speak. Mr. Speaker, I rise today in support of the rule for H.R. 3633, the Digital Asset Market Clarity Act of 2025 and H.R. 1919, the Anti-CBDC Surveillance State Act. Together, these bills provide much needed clarity on digital asset regulation and ensure critical consumer protections so Americans retain their financial freedom. Before basketball became the great sport that we know and love, it needed rules. Without structure, the game could not grow and thrive. The same is true for digital assets.
Mr. Speaker, I rise today in strong support of S. 1582, the GENIUS Act. I thank the chairman of our full Financial Services Committee, Chairman Hill, for his leadership; Chairman Steil for his great work; Whip Emmer, and so many in our committee and our colleagues in the Senate for their work on this legislation.
Mr. Speaker, I rise today to voice my support for S. 1582, the GENIUS Act of 2025, which will provide a clear regulatory framework for the issuance of stablecoins in the U.S. This bipartisan, industry-supported bill will finally give the stablecoin asset class clear rules of the road for the issuance and use of digital assets. The GENIUS Act will establish standards so that issuers are credible and stablecoins are quality assets in a rapidly innovating digital market. I thank the Senate for passing this bill and getting it to the House so quickly.
Mr. Speaker, 2 weeks ago Republicans boasted about how they would provide billionaires with tax cuts they don't need by stripping healthcare from 17 million Americans, shuttering hospitals across the country, and starving 12 million families, including millions of children. These billionaires are the same individuals who proudly gave millions of dollars to President Trump's campaign. They literally bought votes during the last election and even sponsored Stalinist military parades to celebrate the President's birthday.
Mr. Speaker, I rise in support of the rule and the underlying legislation. The four separate measures being considered under this rule all have a singular commonality. They serve to put American interests first, where they should always be. All of us can agree that within the global markets, and on the global stage, America must always remain competitive and stand tall. That is not sometimes. That is not occasionally. That is not part of the time. That is always.
His constituents are lucky to have him representing them in the House of Representatives. Mr. Speaker, I rise in support of the rule and the underlying legislation. This is an important week in the House as we take up legislation to fund our military and advance several key financial services bills, including efforts to establish a clear market structure for cryptocurrency and protect Americans' financial privacy by blocking a surveillance-style central bank digital currency. Let me begin with the Defense appropriations bill.
S. 1582 also appeared in 1 more House floor reference, 132 more Senate floor references, 1 in the Extensions of Remarks, and 31 routine cosponsor filings.
S1582 Legislative Journey
Signed into Law
Jul 18, 2025
Became Public Law No: 119-27.
+3 more actions this day
House: Passed 308-122
Jul 17, 2025
On passage Passed by the Yeas and Nays: 308 - 122 (Roll no. 200). (text: CR H3405-3418)
+10 more actions this day
House: Passed
Jul 16, 2025
Rule H. Res. 580 passed House.
House: Committee Action
Jul 15, 2025
Rules Committee Resolution H. Res. 580 Reported to House. Rule provides for consideration of H.R. 4016, H.R. 3633, H.R. 1919 and S. 1582. The resolution provides for consideration of H.R. 4016 and H.R. 3633 under a structured rule, and H.R. 1919 and S. 1582 under a closed rule, with one hour of general debate on each bill. The resolution provides for a motion to recommit on H.R. 4016, H.R. 3633, and H.R. 1919, and a motion to commit on S. 1582.
House: Action Taken
Jun 23, 2025
Held at the desk.
Passed 68-30
Jun 17, 2025
Passed Senate with an amendment by Yea-Nay Vote. 68 - 30. Record Vote Number: 318. (text: CR S3419-3432)
+2 more actions this day
Floor Action
Jun 12, 2025
Considered by Senate. (consideration: CR S3366-3367)
Floor Action
Jun 11, 2025
Considered by Senate. (consideration: CR S3335-3336)
Floor Action
Jun 9, 2025
Considered by Senate. (consideration: CR S3275-3277)
Floor Action
Jun 2, 2025
Considered by Senate. (consideration: CR S3155-3156)
Floor Action
May 21, 2025
Motion to proceed to measure considered in Senate. (CR S3017)
Floor Action
May 20, 2025
Motion to proceed to measure considered in Senate. (CR S2983)
Action Taken
May 19, 2025
Motion by Senator Thune to reconsider the vote by which cloture on the motion to proceed to the measure was not invoked (Record Vote No. 240) rendered moot in Senate.
Action Taken
May 15, 2025
Second cloture motion on the motion to proceed presented in Senate. (CR S2947)
Action Taken
May 12, 2025
Motion to proceed to consideration of measure made in Senate. (CR S2847)
Action Taken
May 8, 2025
Motion by Senator Thune to reconsider the vote by which cloture on the motion to proceed to the measure was not invoked (Record Vote No. 240) made in Senate.
Action Taken
May 6, 2025
Cloture motion on the motion to proceed to the measure presented in Senate. (CR S2772)
Action Taken
May 5, 2025
Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 66.
Introduced
May 1, 2025
Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
+1 more action this day
About the Sponsor
Bill Hagerty
Republican, TN · 5 years in Congress
Committees: Joint Committee on Printing, Foreign Relations, Banking, Housing, and Urban Affairs
View full profile →
Cosponsors at time of passage (5)
All 5 cosponsors are Republicans. Cosponsors represent 5 states: Alaska, Nebraska, Ohio, and 2 more.
5Republicans·5 states
What laws does S. 1582 change?
4 changes
Sections Amended
Section 324(b) of Revised Statutes (12 U.S.C. 1(b))
adding at the end the following: ``(3) Regulation of federal qualified payment stablecoin issuers
Section 2 of GENIUS Act;'' after ``therefor;''. (c) Securities Act of 1933.--Section 2(a)(1) of the Securities Act of 1933 (15 U.S.C. 77b(a)(1))
adding at the end the following: ``The term `security' does not include a payment stablecoin issued by a permitted payment stablecoin issuer, as such terms are defined in section 2 of the GENIUS Act
Section 2 of GENIUS Act.''. (e) Securities Investor Protection Act of 1970.--Section 16(14) of the Securities Investor Protection Act of 1970 (15 U.S.C. 78lll(14))
adding at the end the following: ``The term `security' does not include a payment stablecoin issued by a permitted payment stablecoin issuer, as such terms are defined in section 2 of the GENIUS Act
Section 1a(9) of Commodity Exchange Act (7 U.S.C. 1a(9))
adding at the end the following: ``The term `commodity' does not include a payment stablecoin issued by a permitted payment stablecoin issuer, as such terms are defined in section 2 of the GENIUS Act
S. 1582 Quick Facts
Cosponsors
5
- Chamber
- Senate
- Policy
- Finance and Financial Sector
- Introduced
- May 1, 2025
Became Public Law No: 119-27.
Jul 18, 2025
Official Sources
S. 1582 on Congress.gov
Official bill page with text, actions, sponsors, and enactment status for the GENIUS Act.
GENIUS Act, Public Law 119-27 (full text)
The enacted law as signed on July 18, 2025, including the reserve, redemption, and issuer-eligibility provisions described above.
OCC GENIUS Act Rulemaking
The Office of the Comptroller of the Currency's proposed rules governing federal-qualified nonbank stablecoin issuers it licenses and supervises under the Act.
FDIC GENIUS Act Requirements for Stablecoin Issuers
The FDIC's proposed reserve, capital, and redemption standards for bank subsidiaries that issue stablecoins, and its confirmation that the tokens are not deposit-insured.
Federal Reserve: Payment Stablecoins Analysis
Federal Reserve research on how the 1:1 reserve assets the Act permits — bank deposits, short-term Treasuries, and Fed balances — interact with monetary policy.
About Legisletter
Legisletter is the advocacy platform that tracks every bill from introduction to Public Law — and connects the constituents affected by a bill to the legislators who vote on it.
Who is lobbying on S. 1582?
29 organizations lobbying on this bill
Total filings: 74
Foreign interests: 2
AMERICAN AIRLINES, INC. | 5 |
JPMORGAN CHASE HOLDINGS, LLC | 5 |
CHAINALYSIS INC. | 5 |
COINBASE, INC. | 4 |
ROCKWALLET, LLC | 4 |
PAYPAL, INC. | 4 |
FILECOIN FOUNDATION | 4 |
THE AMERICAN COUNCIL OF LIFE INSURERS | 3 |
JUMP CRYPTO HOLDINGS LLC | 3 |
FEDERATED HERMES, INC. | 3 |
Showing 1-10 of 29 organizations
S. 1582 Common Questions
Is the GENIUS Act a law?
Yes. The Senate passed it 68-30 and the House passed it 308-122, and the President signed it on July 18, 2025, making it Public Law 119-27 — the first federal framework for payment stablecoins.
What backs a stablecoin under the GENIUS Act?
Every token has to be backed at least 1-to-1 by safe, liquid assets: U.S. cash, Federal Reserve balances, insured deposits, short-term Treasuries (93 days or less), overnight Treasury repos, or government money market funds.
Can a stablecoin issuer pay you interest or yield?
No. The law bars permitted issuers and foreign issuers from paying any interest or yield to holders — in cash, tokens, or anything else — just for holding the stablecoin. If you want yield, a stablecoin isn't built to give it to you.
What happens to my stablecoin if the issuer goes bankrupt?
Holders get first claim. The law puts stablecoin holders ahead of the issuer's other creditors for claims tied to the reserves backing the tokens, so you're at the front of the line if an issuer fails.
Who is allowed to issue a stablecoin?
Only permitted issuers: subsidiaries of insured banks, federally approved nonbanks, or state-approved firms. Knowingly issuing one without approval can bring a fine up to $1,000,000, up to 5 years in prison, or both.
Are crypto developers regulated as stablecoin issuers?
Generally no. The law carves out distributed ledger protocols, self-custodial wallet software, transaction validators, and liquidity pool participants — so building open-source crypto infrastructure doesn't make you an issuer.
What happens to foreign stablecoins like Tether?
Foreign issuers can reach U.S. users only if Treasury finds their home regulation comparable. If Treasury labels a foreign stablecoin noncompliant, U.S. trading is barred 30 days after notice, with daily penalties up to $1,000,000 for the issuer.
When does the GENIUS Act take effect?
On the earlier of 18 months after enactment or 120 days after the primary federal regulators issue final rules. Digital asset platforms also get a three-year runway before they can only offer stablecoins from approved issuers.
Based on S. 1582 bill text
S. 1582 Bill Text
“To provide for the regulation of payment stablecoins, and for other purposes.”
Source: U.S. Government Publishing Office
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