A bill to provide for the regulation of payment stablecoins, and for other purposes.
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 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 of stablecoins to offer, sell, or make available in the United States stablecoins using digital asset service providers, subject to requirements, including a determination by the Department of Treasury that they are subject to comparable foreign regulations.
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.
Message on Senate action sent to the House.
Received in the House.
Held at the desk.
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.
Rule H. Res. 580 passed House.
Considered under the provisions of rule H. Res. 580. (consideration: CR H3405-3427)
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.
DEBATE - The House proceeded with one hour of debate on S. 1582.
The previous question was ordered pursuant to the rule.
POSTPONED PROCEEDINGS - At the conclusion of debate on S. 1582, the Chair put the question on passage of the bill and by voice vote, announced that the ayes had prevailed. Ms. Waters demanded the yeas and nays and the Chair postponed further proceedings until a time to be announced.
Enacted as Public Law 119-27
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Considered as unfinished business. (consideration: CR H3449-3450)
Passed/agreed to in House: On passage Passed by the Yeas and Nays: 308 - 122 (Roll no. 200).
Roll Call #200 (House)On passage Passed by the Yeas and Nays: 308 - 122 (Roll no. 200). (text: CR H3405-3418)
Roll Call #200 (House)Motion to reconsider laid on the table Agreed to without objection.
Presented to President.
Presented to President.
Signed by President.
Signed by President.
Became Public Law No: 119-27.
Became Public Law No: 119-27.