United States of America: House of Representatives adopted Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS Act)

On 16 July 2025, the Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS Act/SB 1582) was adopted by the House of Representatives. The Act applies to issuers of payment stablecoins offered to persons in the United States, including foreign issuers operating through digital asset service providers. It establishes a regulatory framework limiting issuance to permitted entities, including subsidiaries of insured depository institutions, federally qualified nonbank issuers, and state-qualified issuers with issuance not exceeding USD 10 billion. These issuers must be supervised by relevant federal or state authorities, maintain one-to-one reserves in US currency or similarly liquid assets, disclose redemption policies, and publish monthly reserve data. The Act also regulates reserve reuse, safekeeping services, and oversight of federal-qualified issuers. Foreign issuers are allowed, subject to Treasury confirmation of equivalent regulation. Permitted stablecoins are not considered securities but remain subject to the Bank Secrecy Act.