The U.S. Senate Committee on Banking, Housing and Urban Affairs announced the reintroduction of an updated Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, a bipartisan bill intended to create a clear regulatory framework for U.S. dollar-denominated payment stablecoins. The proposal would define a payment stablecoin as a digital asset used for payment or settlement that is pegged to a fixed monetary value, establish procedures for institutions seeking licences to issue stablecoins, and impose reserve requirements and tailored regulatory standards. For issuers of more than USD 10 billion of stablecoins, it would apply the Federal Reserve’s framework for depository institutions and the Office of the Comptroller of the Currency’s framework for nonbank issuers. Issuers under USD 10 billion in market capitalization could be regulated at the state level, with a waiver process for issuers exceeding the threshold to remain state-regulated; the bill also sets supervisory, examination, and enforcement regimes with stated limitations. The Committee is scheduled to vote on the GENIUS Act on March 13, 2025.
U.S. Senate Committee on Banking, Housing and Urban Affairs 2025-03-10
U.S. Senate Committee on Banking, Housing and Urban Affairs reintroduces updated GENIUS Act to establish a regulatory framework for payment stablecoins
The U.S. Senate Committee on Banking, Housing and Urban Affairs reintroduced the updated Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act to establish a regulatory framework for U.S. dollar-denominated payment stablecoins. The bill outlines licensing procedures, reserve requirements, and regulatory standards, applying federal frameworks for issuers over USD 10 billion and allowing state regulation for smaller issuers. A vote on the GENIUS Act is scheduled for March 13, 2025.