Latest Action · Jul 18, 2025
Became Public Law No: 119-27.
Bill Progress
Senate Unveils National Stablecoin Rules
Why it matters
Clear rules for stablecoins could reshape digital payments and protect consumers.
The big picture: The GENIUS Act is the Senate’s first serious stab at putting stablecoins—digital tokens tied to real money—under a national rulebook. Lawmakers want to balance growing the U.S. digital finance sector with guarding against risks like scams, hacks, and financial instability.
Zoom in: The bill spells out who can issue stablecoins, how those issuers are regulated, and who oversees them. Federal agencies like the Fed and FDIC would get central roles, and companies wanting to issue stablecoins would need approval.
Between the lines: The Act tries to carve out room for blockchain developers and crypto protocols, shielding them from strict rules aimed at stablecoin businesses. This aims to avoid crushing U.S.-based crypto innovation while still targeting risky operators.
What This Bill Does
Stablecoin Issuer Approval
Only licensed banks, credit unions, or specifically approved nonbank firms can issue payment stablecoins.
Clear Definitions
Spells out what counts as a stablecoin, digital asset, and digital asset service provider, setting nationwide standards.
Exemptions for Developers
Excludes blockchain software developers, validators, or liquidity pool participants from stablecoin issuer regulations.
Federal Agency Oversight
Puts the Federal Reserve, OCC, and FDIC in charge of supervising and approving stablecoin issuers.
Handling 'Lawful Orders'
Sets up legal processes for freezing or blocking stablecoin accounts if ordered by a court or regulator.
Who Benefits
Stablecoin Users
Gain stronger protections and can trust that issuers follow federal rules.
Banks and Credit Unions
Get a regulated path to launch their own payment stablecoins.
Crypto Developers
Avoid heavy regulation if they're only building open-source protocols or software.
Regulators
Gain clearer authority to police stablecoin risks and protect the finance system.
Who's Affected
Stablecoin Issuers
Face tough licensing and oversight requirements, limiting who can legally issue digital dollars.
Foreign Stablecoin Firms
Will be restricted from serving U.S. customers unless they get approval.
Unregulated Crypto Businesses
May lose access to the U.S. market if they don’t comply with new licensing rules.
Blockchain Validators
Protected from stablecoin laws as long as they stick to running networks, not handling user funds.
Cosponsors (5)
Recent Actions
Became Public Law No: 119-27.
Became Public Law No: 119-27.
Signed by President.
Signed by President.
Presented to President.
Presented to President.
Motion to reconsider laid on the table Agreed to without objection.
On passage Passed by the Yeas and Nays: 308 - 122 (Roll no. 200). (text: CR H3405-3418)
What Changes in the Law
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
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View the complete legislative text on Congress.gov
Source: Congress.gov
