$BTC

The GENIUS Act:

Defines a payment stablecoin as a digital asset used for payment or settlement that is pegged to a fixed monetary value;

Establishes clear procedures for institutions seeking licenses to issue stablecoins;

Implements reserve requirements and light-touch, tailored regulatory standards for stablecoin issuers;

For issuers of more than $10 billion of stablecoins, applies the Federal Reserve’s regulatory framework to depository institutions and the Office of the Comptroller of the Currency’s framework for nonbank issuers;

Allows for state regulation of issuers under $10 billion in issuance and provides a waiver process for issuers exceeding the threshold to remain state-regulated; and

Establishes supervisory, examination, and enforcement regimes with clear limitations.