GENIUS Act of 2025

This bill creates rules for companies that issue stablecoins, which are a type of digital money designed to always be worth a fixed amount. Only approved issuers — such as bank subsidiaries or specially qualified companies — can offer stablecoins to people in the United States, and these issuers must be overseen by either federal or state regulators, with state regulation limited to those issuing $10 billion or less. Issuers are required to hold enough U.S. dollars or similar assets to fully back every stablecoin they issue, publicly share how people can cash out their stablecoins, and report details about their reserves every month. The bill also says stablecoins are not treated as securities under existing investment laws, but issuers must still follow anti-money laundering rules, and foreign companies can offer stablecoins in the U.S. if they meet certain conditions.

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