S. 1582 · 119th Congress
GENIUS Act
Guiding and Establishing National Innovation for U.S. Stablecoins Act
What it does
Creates a federal framework for stablecoin issuers, including non-banks, without deposit insurance for holders or conflict-of-interest limits for senior officials.
Outcome
Signed into law on July 18, 2025.
The test
| Pillar | Question | Answer | Why |
|---|---|---|---|
| Economy | Are there carve-outs for named or narrow beneficiaries? | Hurts Americans | Senate rejected amendments to bar the President and senior officials from profiting from stablecoin ventures. |
| Economy | Who lobbied for it, and who against? | Hurts Americans | Backed by Coinbase, Circle and industry PACs; opposed by Americans for Financial Reform and the Consumer Federation of America. |
| Freedom | Does it protect or erode privacy, anonymity, speech, due process and the right to organize or sue? | Hurts Americans | Holders get no FDIC insurance and limited recourse if an issuer fails. |
Votes counted: Senate 68–30 on Jun 17, 2025 · House 308–122 on Jul 17, 2025. Each member's page shows how they voted.