On 20 May 2025, the U.S. Senate broke the filibuster associated with the work on the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins of 2025), aimed at introducing consistent stablecoin regulations in the United States.
This act introduces, inter alia:
- definitions of concepts related to the stablecoin market such as digital asset, distributed ledger, stablecoin issuer, payment stablecoin;
- the reserve of assets, liquidity and reporting requirements for stablecoin payment issuers;
- obligations for the protection of stablecoin holders, their redemption rights and how to deal with the insolvency of the issuer.
Thus, work on the GENIUS Act will continue in the next stages of the legislative process. The content of the above-mentioned legal act is available at the following link:
https://www.congress.gov/bill/119th-congress/senate-bill/394/text