Overview and Analysis of the GENIUS Act

The GENIUS Act (Guiding and Establishing National Innovation for US Stablecoins Act), is a US federal bill establishing the first comprehensive regulatory framework for the issuance and supervision of payment stablecoins in the US. The legislation introduces a tiered oversight model, codifies prudential standards, and confirms that payment stablecoins are not to be treated as securities or deposit liabilities. It is, therefore, critical legislation with global implications.

This topic has received widespread coverage, and this article draws on an overview given by a US legal practice, McMillan LLP ¹.

Legislative context and outlook

The US Senate passed the GENIUS Act on 17 June. It now proceeds to the US House of Representatives, which is concurrently advancing its own bill – the STABLE Act (Stablecoin Transparency and Accountability for a Better Ledger Economy Act of 2025).