Took stances on a bill between and
- Bill
- GENIUS Act
- Details
- The GENIUS Act of 2025 proposes a regulatory framework for payment stablecoins. It defines permitted issuers (insured depository institutions, their subsidiaries, and approved nonbank entities) and mandates 1:1 reserve backing with specific high-quality assets. The bill outlines federal and state regulatory oversight options, sets requirements for customer asset segregation, and grants stablecoin holders priority in insolvency proceedings. It also clarifies that regulated payment stablecoins are not considered securities or commodities under various acts. The bill designates issuers as financial institutions under the Bank Secrecy Act, requiring compliance with AML, KYC, and sanctions regulations to prevent illicit finance and safeguard national security. It also reinforces U.S. leadership in digital finance by supporting innovation and ensuring the dollar remains competitive in a rapidly evolving global financial landscape.
Timeline
Very Pro-Crypto
Voted for - Final Passage Out Of Senate
Very Pro-Crypto
Voted for - Key Cloture Vote (Procedural Action)
Because of the way Senate rules work, GENIUS could not have gotten to a final vote without members voting in favor.
Very Pro-Crypto
Voted for - Key Cloture Vote (Procedural Action)
Because of the way Senate rules work, GENIUS could not have gotten to a final vote without members voting in favor.