GENIUS Act
Legislative Progress
Plain English Summary
AI-generated# GENIUS Act – Plain English Summary
Note on Limited Information: The official description for this bill was not provided, but based on its full title — the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act — and its status as a recently enacted public law, here is what is known about this legislation:
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The GENIUS Act creates the first comprehensive federal framework for regulating stablecoins — a type of digital currency designed to maintain a stable value, typically by being tied to the U.S. dollar. Before this law, there were no clear national rules governing who could issue stablecoins or how they had to be managed. The law establishes who is legally permitted to issue stablecoins in the United States and sets requirements for how those issuers must operate.
Under the law, stablecoin issuers are required to back every stablecoin they issue with real, liquid assets — like cash or U.S. Treasury securities — on a one-to-one basis. This means for every digital coin in circulation, there must be an equivalent dollar of real assets held in reserve. Issuers must also meet transparency, reporting, and anti-money laundering standards similar to those applied to traditional financial institutions.
The law affects cryptocurrency companies, banks, and fintech firms that want to issue stablecoins, as well as everyday consumers who use or might use digital currencies for payments. It establishes oversight roles for federal regulators and, in some cases, allows state regulators to supervise smaller issuers. The goal is to bring consumer protections and financial stability standards to a fast-growing area of digital finance.
This summary is AI-generated for informational purposes. Always refer to the official bill text for legal accuracy.
Latest Action
Became Public Law No: 119-27.
July 18, 2025
Sponsor
Committees
Legislative History
Became Public Law No: 119-27.
Jul 18, 2025Signed by President.
Jul 18, 2025Signed by President.
Jul 18, 2025Became Public Law No: 119-27.
Jul 18, 2025On passage Passed by the Yeas and Nays: 308 - 122 (Roll no. 200). (text: CR H3405-3418)
Jul 17, 2025Motion to reconsider laid on the table Agreed to without objection.
Jul 17, 2025Presented to President.
Jul 17, 2025Presented to President.
Jul 17, 2025Considered under the provisions of rule H. Res. 580. (consideration: CR H3405-3427)
Jul 17, 2025Rule provides for consideration of H.R. 4016, H.R. 3633, H.R. 1919 and S. 1582. The resolution provides for consideration of H.R. 4016 and H.R. 3633 under a structured rule, and H.R. 1919 and S. 1582 under a closed rule, with one hour of general debate on each bill. The resolution provides for a motion to recommit on H.R. 4016, H.R. 3633, and H.R. 1919, and a motion to commit on S. 1582.
Jul 17, 2025DEBATE - The House proceeded with one hour of debate on S. 1582.
Jul 17, 2025The previous question was ordered pursuant to the rule.
Jul 17, 2025POSTPONED PROCEEDINGS - At the conclusion of debate on S. 1582, the Chair put the question on passage of the bill and by voice vote, announced that the ayes had prevailed. Ms. Waters demanded the yeas and nays and the Chair postponed further proceedings until a time to be announced.
Jul 17, 2025Considered as unfinished business. (consideration: CR H3449-3450)
Jul 17, 2025Passed/agreed to in House: On passage Passed by the Yeas and Nays: 308 - 122 (Roll no. 200).
Jul 17, 2025Rule H. Res. 580 passed House.
Jul 16, 2025Rules Committee Resolution H. Res. 580 Reported to House. Rule provides for consideration of H.R. 4016, H.R. 3633, H.R. 1919 and S. 1582. The resolution provides for consideration of H.R. 4016 and H.R. 3633 under a structured rule, and H.R. 1919 and S. 1582 under a closed rule, with one hour of general debate on each bill. The resolution provides for a motion to recommit on H.R. 4016, H.R. 3633, and H.R. 1919, and a motion to commit on S. 1582.
Jul 15, 2025Held at the desk.
Jun 23, 2025Message on Senate action sent to the House.
Jun 23, 2025Received in the House.
Jun 23, 2025Passed Senate with an amendment by Yea-Nay Vote. 68 - 30. Record Vote Number: 318. (text: CR S3419-3432)
Jun 17, 2025Considered by Senate. (consideration: CR S3418-3432)
Jun 17, 2025Passed/agreed to in Senate: Passed Senate with an amendment by Yea-Nay Vote. 68 - 30. Record Vote Number: 318.
Jun 17, 2025Considered by Senate. (consideration: CR S3366-3367)
Jun 12, 2025Cloture on the bill, as amended invoked in Senate by Yea-Nay Vote. 67 - 27. Record Vote Number: 312.
Jun 12, 2025Considered by Senate. (consideration: CR S3335-3336)
Jun 11, 2025Motion by Senator Thune to commit to Senate Committee on Banking, Housing, and Urban Affairs with instructions to report back forthwith with the following amendment (SA 2312) fell when cloture was invoked on amendment SA 2307 in Senate.
Jun 11, 2025Motion by Senator Thune to commit to Senate Committee on Banking, Housing, and Urban Affairs with instructions to report back forthwith with the following amendment (SA 2312) made in Senate.
Jun 9, 2025Considered by Senate. (consideration: CR S3275-3277)
Jun 9, 2025Cloture motion on the bill presented in Senate. (CR S3276)
Jun 9, 2025Considered by Senate. (consideration: CR S3155-3156)
Jun 2, 2025Motion to proceed to measure considered in Senate. (CR S3017)
May 21, 2025Motion to proceed to consideration of measure agreed to in Senate by Yea-Nay Vote. 69 - 31. Record Vote Number: 263.
May 21, 2025Measure laid before Senate by motion. (consideration: CR S3025)
May 21, 2025Motion to proceed to measure considered in Senate. (CR S2983)
May 20, 2025Second cloture motion on the motion to proceed invoked in Senate by Yea-Nay Vote. 66 - 32. Record Vote Number: 262. (CR S2965)
May 19, 2025Cloture motion on the motion to proceed rendered moot in Senate.
May 19, 2025Motion by Senator Thune to reconsider the vote by which cloture on the motion to proceed to the measure was not invoked (Record Vote No. 240) rendered moot in Senate.
May 19, 2025Motion to proceed to consideration of measure made in Senate.
May 15, 2025Second cloture motion on the motion to proceed presented in Senate. (CR S2947)
May 15, 2025Motion to proceed to consideration of measure made in Senate. (CR S2847)
May 12, 2025Motion by Senator Thune to reconsider the vote by which cloture on the motion to proceed to the measure was not invoked (Record Vote No. 240) made in Senate.
May 8, 2025Motion to proceed to consideration of measure made in Senate. (CR S2814)
May 8, 2025Cloture on the motion to proceed to the measure not invoked in Senate by Yea-Nay Vote. 48 - 49. Record Vote Number: 240. (CR S2823)
May 8, 2025Cloture motion on the motion to proceed to the measure presented in Senate. (CR S2772)
May 6, 2025Motion to proceed to consideration of measure made in Senate. (CR S2772)
May 6, 2025Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 66.
May 5, 2025Introduced in Senate
May 1, 2025Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
May 1, 2025