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.
Senate Unveils National Stablecoin Rules
2 min readLast updated February 7, 2026
Why it matters
Clear rules for stablecoins could reshape digital payments and protect consumers.
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.
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.
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.
If passed, the law could push more stablecoin business into the mainstream—and give consumers and banks more clarity. But expect pushback from crypto purists and concerns from traditional banks about competition.
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>What does S. 1582 do?
1
Stablecoin Issuer Approval
Only licensed banks, credit unions, or specifically approved nonbank firms can issue payment stablecoins.
2
Clear Definitions
Spells out what counts as a stablecoin, digital asset, and digital asset service provider, setting nationwide standards.
3
Exemptions for Developers
Excludes blockchain software developers, validators, or liquidity pool participants from stablecoin issuer regulations.
4
Federal Agency Oversight
Puts the Federal Reserve, OCC, and FDIC in charge of supervising and approving stablecoin issuers.
5
Handling 'Lawful Orders'
Sets up legal processes for freezing or blocking stablecoin accounts if ordered by a court or regulator.
Who benefits from S. 1582?
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 is affected by S. 1582?
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.
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
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
What is the penalty for issuing a stablecoin without approval under the GENIUS Act?
Knowingly issuing a payment stablecoin without being a permitted issuer can bring a fine up to $1,000,000, up to 5 years in prison, or both under the GENIUS Act (Section 3).
How much in stablecoin issuance can stay under state regulation before federal oversight kicks in?
Issuers with $10,000,000,000 or less in consolidated outstanding issuance may use a substantially similar state regime; above that, they must transition to federal oversight within 360 days under the GENIUS Act (Section 4).
Can a stablecoin issuer pay interest or yield to token holders under the GENIUS Act?
No. The GENIUS Act bars permitted payment stablecoin issuers from paying interest or yield to holders (Section 4).
What assets can back a stablecoin under the GENIUS Act?
Under the GENIUS Act (Section 4), reserves must be 1:1 and held in cash, Fed balances, insured deposits, Treasuries maturing in 93 days or less, overnight Treasury-backed repos, or registered government money market funds.
How long do regulators have to approve a stablecoin application under the GENIUS Act?
Regulators must decide within 120 days of receiving a substantially complete application, and if they miss that deadline the application is deemed approved under the GENIUS Act (Section 5).
Can blockchain developers or liquidity pool users be treated as stablecoin issuers under the GENIUS Act?
Generally no. The GENIUS Act excludes distributed ledger protocols, self-custodial software, and liquidity pool participants from the definition of digital asset service provider (Section 2).
Does the GENIUS Act protect stablecoin holders first in a bankruptcy?
Yes. Stablecoin holders get first priority over the estate for claims from holding stablecoins under the GENIUS Act (Section 11).
Can a stablecoin issuer mix reserve assets with its own funds under the GENIUS Act?
No. Reserve commingling is prohibited, and reserves must be segregated from the issuer's own assets under the GENIUS Act (Section 10).
What happens to foreign stablecoins that Treasury labels noncompliant under the GENIUS Act?
According to S1582 Section 8, secondary trading is barred 30 days after Federal Register publication, with penalties up to $100,000 per violation per day for service providers and $1,000,000 per day for foreign issuers.
When does the GENIUS Act take effect?
The GENIUS Act takes effect on the earlier of 18 months after enactment or 120 days after final regulations are issued by the primary federal stablecoin regulators (Section 20).
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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