#GENIUSActPass Law for the Guidance and Establishment of National Innovation for US Stablecoins or GENIUS Act

This bill establishes a regulatory framework for payment stablecoins (digital assets that an issuer must redeem for a fixed value).

According to the bill, only authorized issuers will be able to issue a payment stablecoin for use by US citizens, subject to certain exceptions and safeguards. Authorized issuers must be subsidiaries of an insured depository institution, a federally rated non-bank payment stablecoin issuer, or a state-rated payment stablecoin issuer. Authorized issuers must be regulated by the appropriate federal or state regulatory body. Authorized issuers may choose federal or state regulation; however, state regulation is limited to those with a stablecoin issuance of $10 billion or less.