GENIUS Act

This bill creates rules for companies that issue stablecoins, which are digital currencies designed to always be worth a fixed amount of money. Only approved issuers — such as bank subsidiaries or specially qualified nonbank companies — can offer stablecoins to people in the United States, and these issuers must be overseen by either federal or state regulators, with state oversight limited to issuers handling $10 billion or less. Issuers are required to hold enough U.S. dollars or similar liquid assets to fully back every stablecoin they issue, publicly share their rules for cashing out stablecoins, and publish monthly details about their reserves. The bill also sets rules for foreign stablecoin issuers operating in the U.S., states that approved stablecoins are not treated as securities under existing law, and requires issuers to follow anti-money laundering laws.

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