The record

LegislationLegislation· Jul 2025
S 1582 Signed into law

Sponsored by Bill Hagerty (R)

GENIUS Act

Establishes federal rules for payment stablecoins, allowing only approved issuers to offer them in the US.

Tradeoff

Opens the stablecoin market to regulated firms backed by banks or approved nonbanks. Requires strict reserve backing and anti-money-laundering compliance to protect users and financial stability.

What's in it

See official bill text

Increases the deficit by $53 million over 2025-2030 and $120 million over 2025-2035.

The $53-120 million federal cost reflects the direct spending and revenue effects of establishing the FDIC, NCUA, OCC, Federal Reserve, and FinCEN regulatory oversight of stablecoin issuers; the policy's primary economic impact falls on nonbank entities and stablecoin issuers, who must meet capital, liquidity, and compliance requirements to operate.

S. 1582, GENIUS Act · Jul 2025

The Senate rejected an initial attempt on May 8, 2025 (48–49), then agreed to on May 19 (66–32). The Senate passed the bill on June 17 (68–30). The House passed it on July 17 (308–122), and it was signed into law on July 18, 2025.

  1. Senate

    Introduced

    (May 1, 2025)

  2. Senate

    On on the

    Motion to Invoke Cloture: Motion to proceed to S. 1582

    Cloture on the Motion to Proceed Rejected(Roll #240 · May 8, 2025)

    48 yeanay 49

  3. Senate

    On on the

    Motion to Invoke Cloture on the Motion to Proceed to S. 1582

    Cloture on the Motion to Proceed Agreed to(Roll #262 · May 19, 2025)

    66 yeanay 32

  4. Senate

    On the

    Motion to Proceed to S. 1582

    Motion to Proceed Agreed to(Roll #263 · May 21, 2025)

    69 yeanay 31

  5. Senate · Amended

    Senator Hagerty's

    Agreed to(S.Amdt. 2307 · Jun 12, 2025 · 67-30)

    Adds a ban on paying interest or yield to stablecoin holders and requires a unanimous Stablecoin Certification Review Committee vote before non-financial public companies can issue payment stablecoins.

  6. Senate

    On the Motion

    Motion to Invoke Cloture: S. 1582

    Cloture Motion Agreed to(Roll #312 · Jun 12, 2025)

    67 yeanay 27

  7. Senate

    Passage of the bill

    S. 1582, As Amended

    Bill Passed(Roll #318 · Jun 17, 2025)

    68 yeanay 30

  8. House

    Received from the Senate

    Received(Jun 23, 2025)

  9. House

    Passage of the bill

    Passed(Roll #200 · Jul 17, 2025)

    308 yeanay 122

  10. House

    Sent to the President

    (Jul 17, 2025)

  11. White House · Signature

    Signed

    Donald Trump (R)

  12. Enacted

    Became law(Jul 18, 2025)

Final passage· 119th Congress · 2025–2027