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S. 1582119th Congress
The plain-language version leads. The official text is always the reference.
The GENIUS Act would require all U.S. stablecoin issuers to be federally or state licensed and fully back coins with safe assets.
45-second read · 4 questions answered below
The GENIUS Act creates the first comprehensive federal rules for stablecoins, requiring issuers to be licensed as bank subsidiaries, Comptroller-approved companies, or state-approved entities meeting federal standards. It mandates full dollar-for-dollar reserve backing with safe assets, monthly audited disclosures, and bans on interest payments and misleading marketing. Unlicensed stablecoins become illegal to sell in the U.S. after a three-year transition, with fines and possible prison time for violations.
Cryptocurrency companies, banks, and fintech firms that issue stablecoins, along with regulators like the Comptroller, Federal Reserve, FDIC, and state banking agencies. Consumers, businesses, investors, and crypto exchanges using stablecoins would also be affected.
Issuers face new licensing, reserve, disclosure, and compliance obligations, including anti-money-laundering and sanctions requirements, with legal penalties for noncompliance. Large tech or retail companies face additional restrictions if seeking to issue stablecoins.
AI-drafted summary. Verify it against the official text before you act on it. Read the official bill on Congress.gov
Right now: the President signed it. It's law.Now law
Latest action: — Became Public Law No: 119-27.