February 12, 2025
From Senator Kirsten Gillibrand: My bipartisan stablecoin bill would establish clear regulations — protecting consumers, governing issuers, & guarding against money laundering. Congress must come together to foster innovation and lay the groundwork for the next century of American exceptionalism.
The GENIUS Act:
Defines a payment stablecoin as a digital asset used for payment or settlement that is pegged to a fixed monetary value;
Establishes clear procedures for institutions seeking licenses to issue stablecoins;
Implements reserve requirements and light-touch, tailored regulatory standards for stablecoin issuers;
For issuers of more than $10 billion of stablecoins, applies the Federal Reserve’s regulatory framework to depository institutions and the Office of the Comptroller of the Currency’s framework for nonbank issuers;
Allows for state regulation of issuers under $10 billion in market capitalization and provides a waiver process for issuers exceeding the threshold to remain state-regulated; and
Establishes supervisory, examination, and enforcement regimes with clear limitations.
