Bill > S1582

This bill establishes a comprehensive regulatory framework for payment stablecoins in the United States, creating a detailed set of rules for their issuance, supervision, and operation. The GENIUS Act defines a payment stablecoin as a digital asset designed to be used as a means of payment with a stable value relative to a fixed monetary amount, and mandates that only permitted payment stablecoin issuers can issue such coins. These issuers must maintain full reserves backing their stablecoins, primarily using U.S. government securities, cash, and insured deposits, and must publicly disclose their reserve composition monthly. The bill requires stablecoin issuers to be approved by federal or state regulators, comply with anti-money laundering standards, and meet strict capital and risk management requirements. Foreign stablecoin issuers can operate in the U.S. if they meet comparable regulatory standards and register with the Comptroller of the Currency. The legislation also provides special treatment for stablecoin holders in bankruptcy proceedings, ensuring they have priority claims on reserves, and establishes a framework for federal and state oversight of stablecoin activities. Importantly, the bill clarifies that payment stablecoins are not securities or commodities, and sets up a process for ongoing study and potential future regulation of the emerging stablecoin market.

https://www.congress.gov/bill/119th-congress/senate-bill/1582/all-info