#GENIUSActPass The GENIUS Act, specifically S.1582, has been introduced to the 119th Congress (2025-2026) in the US Senate. Here's what's happening with the bill¹:

- *Bill Purpose*: The GENIUS Act aims to establish a regulatory framework for payment stablecoins, digital assets that must be redeemed for a fixed value.

- *Key Provisions*:

- *Permitted Issuers*: Only specific entities can issue payment stablecoins, including subsidiaries of insured depository institutions, federal-qualified nonbank payment stablecoin issuers, or state-qualified payment stablecoin issuers.

- *Reserve Requirements*: Issuers must maintain one-to-one reserves using US currency or similar liquid assets and publicly disclose their redemption policies and reserve details monthly.

- *Foreign Issuers*: Foreign issuers can offer stablecoins in the US with certain requirements, including a determination by the Department of Treasury that they're subject to comparable foreign regulations.

- *Securities Law*: Permitted payment stablecoins aren't considered securities under securities law, but issuers are subject to the Bank Secrecy Act for anti-money laundering purposes.

*Bill Status*:

- *Introduced*: The bill was introduced on May 1, 2025.

- *Cloture Vote*: On June 12, 2025, the Senate invoked cloture on the bill with a vote of 67-27.

- *Current Status*: The bill is still in the Senate, awaiting further action.

*Voting Breakdown*:

- *Senate Vote*: A recent vote on the GENIUS Act passed with 68-30 in the Senate.