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S. 919119th CongressFinance and Financial Sector
GENIUS Act of 2025
Sponsored by Sen. Bill Hagerty (R-TN) · 4 active : 2 Republicans, 2 Democrats
Latest action: Placed on Senate Legislative Calendar under General Orders. Calendar No. 33.
Where it standsBefore the Senate14 senators score as swing votes
Hasn’t passed either chamber
- Senate: next
- House: not yet
- President: not yet
Summary
, via Congress.govGuiding and Establishing National Innovation for U.S. Stablecoins Act of 2025 or the GENIUS Act of 2025
This bill establishes a regulatory framework for payment stablecoins (digital assets which an issuer must redeem for a fixed value).
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Under the bill, only permitted issuers may issue a payment stablecoin for use by U.S. persons, subject to certain exceptions. Permitted issuers must be a subsidiary of an insured depository institution, a federal-qualified nonbank payment stablecoin issuer, or a state-qualified payment stablecoin issuer. Permitted issuers must be regulated by the appropriate federal or state regulator. Permitted issuers may choose federal or state regulation; however, state regulation is limited to those with a stablecoin issuance of $10 billion or less.
Permitted issuers must maintain reserves backing the stablecoin on a one-to-one basis using U.S. currency or other similarly liquid assets, as specified. Permitted issuers must also publicly disclose their redemption policy and publish monthly the details of their reserves.
The bill specifies requirements for (1) reusing reserves; (2) providing safekeeping services for stablecoins; and (3) supervisory, examination, and enforcement authority over federal-qualified issuers.
The bill allows foreign issuers to offer stablecoins in the United States if the issuer has the capability to comply with lawful orders. The Department of the Treasury must establish reciprocal agreements between the United States and similarly regulated jurisdictions.
Under the bill, permitted payment stablecoins are not considered securities under securities law. However, permitted issuers are subject to the Bank Secrecy Act for anti-money laundering and related purposes.
Committees and subjects
Committees
- Senate Committee on Banking, Housing, and Urban Affairs · SenateReported by · Markup by · Referred to
Subjects
- Accounting and auditing
- Bank accounts, deposits, capital
- Banking and financial institutions regulation
- Bankruptcy
- Business records
- Civil actions and liability
- Congressional oversight
- Currency
- Digital media
- Financial crises and stabilization
- Financial services and investments
- Fraud offenses and financial crimes
Show all 20 subjects
- Government studies and investigations
- Interest, dividends, interest rates
Model
Directional: count only breaks toward the other partyWhy do scores change?v3default (selected)v2 model swing-v2
How the Senate breaks down
- 14Swing 70–100
- 63Middle 30–70
- 23Entrenched 0–30
Members fall into . All 100 senators have enough data to score.
Key players in the Senate
Ranked by swing score, 0–100 · swing-v3, directional: only movement toward the other party counts, so members who sit further from the center than their party no longer score as swing votes.
Bars show each input from 0 to 100: ideology gap, scorecard gap, , and the . is the seat’s partisan lean, and shows how much of the input data a score has.
Similar past votes, Senate
Earlier behind swing-v3’s inputLoading similar votes
Cosponsors
4 activeShow all 4 cosponsors
- Angela D. Alsobrooks (D-MD)
- Cynthia M. Lummis (R-WY)
- Kirsten E. Gillibrand (D-NY)
- Tim Scott (R-SC)
How the swing score works
Ideology gapHow far a member’s DW-NOMINATE voting score sits from their party’s median in the same chamber.
Scorecard gapHow far their Heritage Action and LCV ratings stray from their party’s average, using the groups’ votes on similar bills where available.
Cross-pressureHow strongly their district or state leans toward the other party, from our own computed partisan lean.
Similar votesHow often they voted against their own party on earlier roll calls about this bill or similar ones.
Committee bonusMembers of the committees handling the bill decide whether it moves, so they get a boost.
Cosponsor checkThe sponsor and active cosponsors have already committed, so they drop toward entrenched.
