S 919

The Genius Act of 2025 aims to establish a regulatory framework for payment stablecoins in the United States. It designates permitted issuers – primarily subsidiaries of insured depository institutions or federally qualified nonbank payment stablecoin issuers – who must maintain reserves on a one-to-one basis and publicly disclose their redemption policies. The bill outlines requirements for reserve management, operational standards, and supervisory authority, while also allowing foreign issuers to operate in the U.S. with reciprocal agreements and treating stablecoins as non-securities subject to anti-money laundering regulations. It prohibits the issuance of payment stablecoins by entities other than those specifically permitted and restricts their use in wholesale payments.