GENIUS Act
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| Long title | Guiding and Establishing National Innovation for U.S. Stablecoins Act |
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| Enacted by | the 119th United States Congress |
| Legislative history | |
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The Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act), is a United States federal law that aims to create a comprehensive regulatory framework for Stablecoin cryptocurrencies.[1] Stablecoins are a type of cryptocurrency that are backed, typically, by a national currency or a commodity. The bill mandates stringent standards for reserves, audits, and transparency for issuers and establish a dual federal and state supervisory system to mitigate financial stability risks and protect consumers.[2]
History
[edit]Introduced by Bill Hagerty (R-Tenn.) on May 21, 2025, the GENIUS Act is a bipartisan effort to regulate the stablecoin industry. Its companion legislation is the House's Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act, which has similar goals but differs in some details.[3] On July 3, 2025, the House of Representatives announced it would consider the bill during the week of July 14.[4]
The Senate passed the bill on June 17, 2025, with a bipartisan vote of 68–30.[5] Passing with the majority of Republicans supporting, and about half of Democrats supporting.[6] Two other cryptocurrency bills passed which need Senate approval first.[7]
Criticism
[edit]Consumer Reports argued the bill does not provide enough consumer protection, and allows big tech companies to engage in bank-like activities without being subject to tougher banking regulations.[8]
See also
[edit]References
[edit]- ^ "S.1582 - GENIUS Act". Congress.gov. Retrieved July 7, 2025.
- ^ "How the GENIUS Act impacts stablecoin tax and accounting reporting standards". Thomson Reuters. June 27, 2025. Retrieved July 7, 2025.
- ^ "What You Need To Know About Incoming Stablecoin Legislation". Arnold & Porter. June 2, 2025. Retrieved July 7, 2025.
- ^ "House Announces Week of July 14th as "Crypto Week"". House Committee on Financial Services. July 3, 2025. Retrieved July 7, 2025.
- ^ "U.S. Senate: U.S. Senate Roll Call Votes 119th Congress - 1st Session". U.S. Senate. July 18, 2025. Retrieved July 18, 2025.
- ^ "US passes Genius Act, first major national crypto legislation". BBC News. July 17, 2025. Retrieved July 18, 2025.
- ^ Yaffe-Bellany, David; Jimison, Robert (July 17, 2025). "Crypto Industry Reaches Milestone With Passage of Genius Act". The New York Times. ISSN 0362-4331. Retrieved July 18, 2025.
- ^ "Senate OKs GENIUS Act without safeguards needed to protect consumers and the financial system from stablecoin risks". CR Advocacy. Retrieved July 18, 2025.
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