Stablecoin Legislation

• Today, President Trump signed into law the “Guiding and Establishing National Innovation for U.S. Stablecoins Act” or the “GENIUS Act.” The GENIUS Act establishes a regulatory framework for “payment stablecoins” and their issuers. The GENIUS Act was passed by the U.S. Senate on June 17, 2025, by a vote of 68 to 30, and by the U.S. House of Representatives yesterday, by a vote of 308 to 122.

• The GENIUS Act will take effect on the earlier of 18 months from today and 120 days after the date on which the “primary federal payment stablecoin regulators” (i.e., the FDIC, Federal Reserve, NCUA and OCC) issue final regulations implementing the statute. The GENIUS Act directs these regulators, each state payment stablecoin regulator and the Secretary of the Treasury to coordinate with each other, as appropriate, to promulgate regulations by no later than one year from today to carry out the statute.
• Additionally, although the House passed the GENIUS Act unchanged from the version passed by the Senate, the House proposed amendments to the GENIUS Act in the “Digital Asset Market Clarity Act of 2025” or the “CLARITY Act of 2025,” which is the digital asset “market structure” legislation that passed the House yesterday by a vote of 294 to 134. Whether the amendments to the GENIUS Act are ultimately adopted will depend on the Senate’s consideration of the digital asset market structure legislation.

Full Memo