#GENIUSActPass The GENIUS Act, or Guiding and Establishing National Innovation for U.S. Stablecoins Act, is a bipartisan bill aimed at regulating payment stablecoins in the United States. Here are the key details:

*Key Provisions:*

- *Consumer Protection*: The GENIUS Act prioritizes consumer protection by establishing a federal framework to regulate payment stablecoins, ensuring robust reserve requirements and transparency into reserves backing payment stablecoins.

- *Reserve Requirements*: The bill requires 100% reserve backing with U.S. dollars and short-term Treasuries, or similarly liquid assets determined by the primary regulator.

- *Disclosure and Transparency*: Issuers with more than $50 billion in market capitalization must publish monthly details of their reserves and annual audited financial statements.

- *Marketing Standards*: The bill prohibits misleading marketing practices, such as representing payment stablecoins as backed by the full faith and credit of the U.S. government or covered by FDIC insurance.

*Regulatory Framework:*

- *Federal and State Oversight*: Permitted issuers can choose federal or state regulation, with state regulation limited to those with stablecoin issuance of $10 billion or less.

- *Supervisory Authority*: The bill specifies requirements for supervisory, examination, and enforcement authority over federal-qualified issuers.

*Status:*

- *Passed Senate*: The GENIUS Act passed the Senate and is currently held at the desk in the House.

- *Bipartisan Support*: The bill has received support from every Republican on the Senate Banking Committee and five Democrats ¹ ².