#USStablecoinBill A bipartisan U.S. stablecoin bill—the “Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act”—seeks to create the first federal framework for payment stablecoins, balancing innovation with consumer safeguards. It would designate “permitted payment stablecoin issuers” (PPSIs) subject to banking‑style oversight, reserve requirements, audits and anti‑money‑laundering controls. Sponsors include Sen. Bill Hagerty (R‑Tenn.), Sen. Kirsten Gillibrand (D‑N.Y.) and others, with parallel House legislation (H.R. 2392, the STABLE Act) awaiting floor votes. Key provisions: 100 percent reserves for issued tokens; monthly disclosures and annual audits for large issuers; criminal penalties for unlicensed issuance; and Fed/backstop authority for systemic risk. The bill passed the Senate Banking Committee but faces dissent from nine Senate Democrats over perceived AML and national‑security gaps, imperiling the 60‑vote threshold for cloture. Senate Majority Leader John Thune has signaled fast‑track floor action, while House leaders plan swift follow‑up. Stakeholders praise clarity for market growth; critics demand stronger foreign‑issuer controls. Final passage will set a U.S. precedent in stablecoin regulation, influencing global digital‑dollar dynamics.

Background

Introduced by Hagerty, co‑sponsored by Gillibrand, Scott, Lummis and Alsobrooks .

House STABLE Act (H.R. 2392) passed committee April 3, 2025 .

Key Provisions

100 percent backing and audits; criminal penalties for unlicensed issuers .

PPSIs—banks, nonbanks or IDI subsidiaries—under federal/state supervision .

Current Status

Cleared Senate Banking Committee; nine Democrats withdrew support citing AML and security concerns .

Fast‑track process initiated by Sen. Thune; House vote expected soon .