#GENIUSAct 
UNITED STATES SENATE COMMITTEE ON
BANKING, HOUSING, AND URBAN AFFAIRS
NEWSROOM
MAJORITY PRESS RELEASES
APRIL 16, 2025
FACT SHEET: The GENIUS Act Protects Consumers
Washington, D.C. – Last month, the Senate Banking Committee advanced the bipartisan Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act out of the Senate Banking Committee by a vote of 18-6. The legislation, which is led by Senator Bill Hagerty (R-Tenn.) and co-sponsored by Chairman Tim Scott (R-S.C.), Senator Kirsten Gillibrand (D-N.Y.), Senator Cynthia Lummis (R-Wyo.), and Senator Angela Alsobrooks (D-Md.), earned the support of every Republican on the committee and five Democrats.
Here are the facts on how the GENIUS Act protects U.S. consumers:
At its core, the GENIUS Act is a consumer protection bill:
Payment stablecoins are a product already offered in the U.S. with little regulatory oversight.
This legislation establishes a first of its kind federal framework to regulate payment stablecoins that includes, among other things, robust reserve requirements to ensure payment stablecoins are not de-pegged and transparency into the reserves backing payment stablecoins.
The GENIUS Act establishes federal safeguards that protect stablecoin holders and enhance consumer confidence in the permitted payment stablecoin market, including requiring:
100% reserve backing with U.S. dollars and short-term Treasuries, or similarly liquid assets as determined by the primary regulator.
Monthly public disclosure of reserve composition.
Annual audited financial statements for issuers with more than $50 billion in market capitalization.