#StablecoinLaw United States – GENIUS Act Becomes Law
The GENIUS Act (“Guiding and Establishing National Innovation for U.S. Stablecoins Act”) was passed by the Senate on June 17, 2025 (vote: 68–30), approved by the House on July 17 (308–122), and signed into law by President Trump on July 18, 2025 .
Key provisions:
1:1 backing with U.S. dollars or high-quality liquid assets
Daily reserve disclosures; monthly/more frequent audits for large issuers
Licenses required: banks, non-banks overseen by OCC, additional supervision by CFTC via the Clarity Act
AM L/KYC compliance, consumer protections, capital buffers, insolvency priority
Impact:
Establishes the U.S. as a regulated stablecoin hub
Part of broader “crypto week” legislation, including the Clarity Act (CFTC oversight) and Anti‑CBDC Surveillance Act
🌍 Other Global Hubs
European Union (MiCA – in effect Dec 2024)
The Markets in Crypto-Assets (MiCA) framework requires:
Full reserves, segregated custody, regular audits
Ban on algorithmic and interest-bearing stablecoins
Non-compliant tokens (like USDT) delisted from EU exchanges
Hong Kong (Ordinance effective ~Aug 1, 2025)
The Stablecoins Ordinance licensed and supervised by HKMA
Issuers need a license, full reserves with bank-held assets, AML/CFT compliance
High bar for market entrants, sandbox launched earlier in 2024
Singapore, Japan, South Korea
Singapore: MAS requires full backing, timely redemption, audits under Payment Services Act
Japan: FSA mandates yen-backed reserves and audits
South Korea: Proposes Digital Asset Basic Act for KRW-pegged tokens (mid‑2025)
