source:
  type: regulation
  id: genius-act-stablecoin
  authority: GENIUS Act (Pub. L. 119-27, 2025) — Federal payment-stablecoin framework
  description: 'The Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act,
    July 2025) is the first federal framework for payment stablecoins: only a permitted payment stablecoin
    issuer may issue one, issuers must hold identifiable reserves backing outstanding stablecoins on at
    least a 1-to-1 basis, and must disclose their redemption policy and publish monthly reserve composition.
    GENIUS Act issuers are also Bank Secrecy Act financial institutions.'
obligations:
- id: genius-act-stablecoin-full
  canonical_id: genius-act-stablecoin-full
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: 139 STAT. 419 PUBLIC LAW 119–27—JULY 18, 2025 Public Law 119–27 119th Congress An Act To
    provide for the regulation of payment stablecoins, and for other purposes. Be it enacted by the Senate
    and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT
    TITLE. …
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: '139 STAT. 419 PUBLIC LAW 119–27—JULY 18, 2025 Public Law 119–27 119th Congress An
      Act To provide for the regulation of payment stablecoins, and for other purposes. Be it enacted
      by the Senate and House of Representatives of the United States of America in Congress assembled,
      SECTION 1. SHORT TITLE. This Act may be cited as the ‘‘Guiding and Establishing National Innovation
      for U.S. Stablecoins Act’’ or the ‘‘GENIUS Act’’. SEC. 2. DEFINITIONS. In this Act: (1) APPROPRIATE
      FEDERAL BANKING AGENCY.—The term ‘‘appropriate Federal banking agency’’ has the meaning given that
      term in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813). (2) BANK SECRECY ACT.—The
      term ‘‘Bank Secrecy Act’’ means— (A) section 21 of the Federal Deposit Insurance Act (12 U.S.C.
      1829b); (B) chapter 2 of title I of Public Law 91–508 (12 U.S.C. 1951 et seq.); and (C) subchapter
      II of chapter 53 of title 31, United States Code. (3) BOARD.—The term ‘‘Board’’ means the Board
      of Gov- ernors of the Federal Reserve System. (4) COMPTROLLER.—The term ‘‘Comptroller’’ means the
      Office of the Comptroller of the Currency. (5) CORPORATION.—The term ‘‘Corporation’’ means the Fed-
      eral Deposit Insurance Corporation. (6) DIGITAL ASSET.—The term ‘‘digital asset’’ means any digital
      representation of value that is recorded on a cryp- tographically secured distributed ledger. (7)
      DIGITAL ASSET SERVICE PROVIDER.—The term ‘‘digital asset service provider’’— (A) means a person
      that, for compensation or profit, engages in the business in the United States (including on behalf
      of customers or users in the United States) of—'
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-i
  canonical_id: genius-act-stablecoin-i
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(i): (i) exchanging digital assets for monetary value; (ii) exchanging digital assets
    for other digital assets; (iii) transferring digital assets to a third party; (iv) acting as a digital
    asset custodian; or'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (i) exchanging digital assets for monetary value; (ii) exchanging digital assets
      for other digital assets; (iii) transferring digital assets to a third party; (iv) acting as a digital
      asset custodian; or
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-v
  canonical_id: genius-act-stablecoin-v
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(v): (v) participating in financial services relating to digital asset issuance; and 12
    USC 5901. 12 USC 5901 note. Guiding and Establishing National Innovation for U.S. Stablecoins Act.
    July 18, 2025 [S. 1582] VerDate Sep 11 2014 23:57 Aug 06, 2025 Jkt 059139 PO 00027 Frm 00001 Fmt 6580
    Sfmt 6581 E:\PUB…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (v) participating in financial services relating to digital asset issuance; and 12
      USC 5901. 12 USC 5901 note. Guiding and Establishing National Innovation for U.S. Stablecoins Act.
      July 18, 2025 [S. 1582] VerDate Sep 11 2014 23:57 Aug 06, 2025 Jkt 059139 PO 00027 Frm 00001 Fmt
      6580 Sfmt 6581 E:\PUBLAW\PUBL027.119 PUBL027 kcroghan on LAP5R21GR3PROD with PUBLAWS 139 STAT. 420
      PUBLIC LAW 119–27—JULY 18, 2025 (B) does not include—
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-i
  canonical_id: genius-act-stablecoin-i
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(i): (i) a distributed ledger protocol; (ii) developing, operating, or engaging in the
    busi- ness of developing distributed ledger protocols or self- custodial software interfaces; (iii)
    an immutable and self-custodial software interface; (iv) developing, operating, or engaging in the
    busi- ness of valid…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (i) a distributed ledger protocol; (ii) developing, operating, or engaging in the
      busi- ness of developing distributed ledger protocols or self- custodial software interfaces; (iii)
      an immutable and self-custodial software interface; (iv) developing, operating, or engaging in the
      busi- ness of validating transactions or operating a distrib- uted ledger; or
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-v
  canonical_id: genius-act-stablecoin-v
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(v): (v) participating in a liquidity pool or other similar mechanism for the provisioning
    of liquidity for peer- to-peer transactions. (8) DISTRIBUTED LEDGER.—The term ‘‘distributed ledger’’
    means technology in which data is shared across a network that creates a public digital ledger of
    verified transa…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (v) participating in a liquidity pool or other similar mechanism for the provisioning
      of liquidity for peer- to-peer transactions. (8) DISTRIBUTED LEDGER.—The term ‘‘distributed ledger’’
      means technology in which data is shared across a network that creates a public digital ledger of
      verified transactions or information among network participants and cryptography is used to link
      the data to maintain the integrity of the public ledger and execute other functions. (9) DISTRIBUTED
      LEDGER PROTOCOL.—The term ‘‘distributed ledger protocol’’ means publicly available and accessible
      execut- able software deployed to a distributed ledger, including smart contracts or networks of
      smart contracts. (10) FEDERAL BRANCH.—The term ‘‘Federal branch’’ has the meaning given that term
      in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813). (11) FEDERAL QUALIFIED PAYMENT
      STABLECOIN ISSUER.— The term ‘‘Federal qualified payment stablecoin issuer’’ means— (A) a nonbank
      entity, other than a State qualified payment stablecoin issuer, approved by the Comptroller, pursuant
      to section 5, to issue payment stablecoins; (B) an uninsured national bank—
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-i
  canonical_id: genius-act-stablecoin-i
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(i): (i) that is chartered by the Comptroller, pursuant to title LXII of the Revised Statutes;
    and (ii) that is approved by the Comptroller, pursuant to section 5, to issue payment stablecoins;
    and (C) a Federal branch that is approved by the Comp- troller, pursuant to section 5, to issue payment
    stablec…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: '(i) that is chartered by the Comptroller, pursuant to title LXII of the Revised
      Statutes; and (ii) that is approved by the Comptroller, pursuant to section 5, to issue payment
      stablecoins; and (C) a Federal branch that is approved by the Comp- troller, pursuant to section
      5, to issue payment stablecoins. (12) FOREIGN PAYMENT STABLECOIN ISSUER.—The term ‘‘for- eign payment
      stablecoin issuer’’ means an issuer of a payment stablecoin that is— (A) organized under the laws
      of or domiciled in a foreign country, a territory of the United States, Puerto Rico, Guam, American
      Samoa, or the Virgin Islands; and (B) not a permitted payment stablecoin issuer. (13) INSTITUTION-AFFILIATED
      PARTY.—With respect to a per- mitted payment stablecoin issuer, the term ‘‘institution-affili- ated
      party’’ means any director, officer, employee, or controlling stockholder of the permitted payment
      stablecoin issuer. (14) INSURED CREDIT UNION.—The term ‘‘insured credit union’’ has the meaning
      given that term in section 101 of the Federal Credit Union Act (12 U.S.C. 1752). (15) INSURED DEPOSITORY
      INSTITUTION.—The term ‘‘insured depository institution’’ means— VerDate Sep 11 2014 23:57 Aug 06,
      2025 Jkt 059139 PO 00027 Frm 00002 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL027.119 PUBL027 kcroghan on
      LAP5R21GR3PROD with PUBLAWS 139 STAT. 421 PUBLIC LAW 119–27—JULY 18, 2025 (A) an insured depository
      institution, as defined in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813); and
      (B) an insured credit union. (16) LAWFUL ORDER.—The term ‘‘lawful order’’ means any final and valid
      writ, process, order, rule, decree, command, or other requirement issued or promulgated under Federal
      law, issued by a court of competent jurisdiction or by an author- ized Federal agency pursuant to
      its statutory authority, that— (A) requires a person to seize, freeze, burn, or prevent the transfer
      of payment stablecoins issued by the person; (B) specifies the payment stablecoins or accounts sub-
      ject to blocking with reasonable particularity; and (C) is subject to judicial or administrative
      review or appeal as provided by law. (17) MONETARY VALUE.—The term ‘‘monetary value’’ means a national
      currency or deposit (as defined in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813))
      denominated in a national currency. (18) MONEY.—The term ‘‘money’’— (A) means a medium of exchange
      currently authorized or adopted by a domestic or foreign government; and (B) includes a monetary
      unit of account established by an intergovernmental organization or by agreement between 2 or more
      countries. (19) NATIONAL CURRENCY.—The term ‘‘national currency’’ means each of the following: (A)
      A Federal Reserve note (as the term is used in the first undesignated paragraph of section 16 of
      the Fed- eral Reserve Act (12 U.S.C. 411)). (B) Money standing to the credit of an account with
      a Federal Reserve Bank. (C) Money issued by a foreign central bank. (D) Money issued by an intergovernmental
      organiza- tion pursuant to an agreement by 2 or more governments. (20) NONBANK ENTITY.—The term
      ‘‘nonbank entity’’ means a person that is not a depository institution or subsidiary of a depository
      institution. (21) OFFER.—The term ‘‘offer’’ means to make available for purchase, sale, or exchange.
      (22) PAYMENT STABLECOIN.—The term ‘‘payment stablecoin’’— (A) means a digital asset—'
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-i
  canonical_id: genius-act-stablecoin-i
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(i): (i) that is, or is designed to be, used as a means of payment or settlement; and
    (ii) the issuer of which— (I) is obligated to convert, redeem, or repurchase for a fixed amount of
    monetary value, not including a digital asset denominated in a fixed amount of monetary value; and
    (II) represents that …'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (i) that is, or is designed to be, used as a means of payment or settlement; and
      (ii) the issuer of which— (I) is obligated to convert, redeem, or repurchase for a fixed amount
      of monetary value, not including a digital asset denominated in a fixed amount of monetary value;
      and (II) represents that such issuer will maintain, or create the reasonable expectation that it
      will maintain, a stable value relative to the value of a fixed amount of monetary value; and (B)
      does not include a digital asset that—
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-i
  canonical_id: genius-act-stablecoin-i
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(i): (i) is a national currency; VerDate Sep 11 2014 23:57 Aug 06, 2025 Jkt 059139 PO
    00027 Frm 00003 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL027.119 PUBL027 kcroghan on LAP5R21GR3PROD with PUBLAWS
    139 STAT. 422 PUBLIC LAW 119–27—JULY 18, 2025 (ii) is a deposit (as defined in section 3 of the Federal
    Deposit In…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (i) is a national currency; VerDate Sep 11 2014 23:57 Aug 06, 2025 Jkt 059139 PO
      00027 Frm 00003 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL027.119 PUBL027 kcroghan on LAP5R21GR3PROD with
      PUBLAWS 139 STAT. 422 PUBLIC LAW 119–27—JULY 18, 2025 (ii) is a deposit (as defined in section 3
      of the Federal Deposit Insurance Act (12 U.S.C. 1813)), including a deposit recorded using distributed
      ledger technology; or (iii) is a security, as defined in section 2 of the Securities Act of 1933
      (15 U.S.C. 77b), section 3 of the Securities Exchange Act of 1934 (15 U.S.C. 78c), or section 2
      of the Investment Company Act of 1940 (15 U.S.C. 80a–2), except that, for the avoidance of doubt,
      no bond, note, evidence of indebtedness, or investment contract that was issued by a permitted payment
      stablecoin issuer shall qualify as a security solely by virtue of its satisfying the conditions
      described in subparagraph (A), consistent with section 17 of this Act. (23) PERMITTED PAYMENT STABLECOIN
      ISSUER.—The term ‘‘permitted payment stablecoin issuer’’ means a person formed in the United States
      that is— (A) a subsidiary of an insured depository institution that has been approved to issue payment
      stablecoins under section 5; (B) a Federal qualified payment stablecoin issuer; or (C) a State qualified
      payment stablecoin issuer. (24) PERSON.—The term ‘‘person’’ means an individual, partnership, company,
      corporation, association, trust, estate, cooperative organization, or other business entity, incorporated
      or unincorporated. (25) PRIMARY FEDERAL PAYMENT STABLECOIN REGULATOR.— The term ‘‘primary Federal
      payment stablecoin regulator’’ means— (A) with respect to a subsidiary of an insured deposi- tory
      institution (other than an insured credit union), the appropriate Federal banking agency of such
      insured deposi- tory institution; (B) with respect to an insured credit union or a sub- sidiary
      of an insured credit union, the National Credit Union Administration; (C) with respect to a State
      chartered depository institu- tion not specified under subparagraph (A), the Corporation, the Comptroller,
      or the Board; and (D) with respect to a Federal qualified payment stablecoin issuer, the Comptroller.
      (26) REGISTERED PUBLIC ACCOUNTING FIRM.—The term ‘‘reg- istered public accounting firm’’ has the
      meaning given that term under section 2 of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7201). (27)
      STABLECOIN CERTIFICATION REVIEW COMMITTEE.—The term ‘‘Stablecoin Certification Review Committee’’
      means the committee of that name and having the functions as provided in this Act— (A) of which—
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-i
  canonical_id: genius-act-stablecoin-i
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(i): (i) the Secretary of the Treasury shall serve as Chair; and (ii) the Chair of the
    Board (or the Vice Chair for Supervision, as delegated by the Chair of the Board), and the Chair of
    the Corporation shall serve as members; and VerDate Sep 11 2014 23:57 Aug 06, 2025 Jkt 059139 PO 00027
    Frm 00004 Fmt 6…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (i) the Secretary of the Treasury shall serve as Chair; and (ii) the Chair of the
      Board (or the Vice Chair for Supervision, as delegated by the Chair of the Board), and the Chair
      of the Corporation shall serve as members; and VerDate Sep 11 2014 23:57 Aug 06, 2025 Jkt 059139
      PO 00027 Frm 00004 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL027.119 PUBL027 kcroghan on LAP5R21GR3PROD with
      PUBLAWS 139 STAT. 423 PUBLIC LAW 119–27—JULY 18, 2025 (B) which, unless otherwise specified in this
      Act, shall act by 2⁄3 vote of its members at any meeting called by the Chair or by unanimous written
      consent. (28) STATE.—The term ‘‘State’’ means each of the several States of the United States, the
      District of Columbia, and each territory of the United States. (29) STATE CHARTERED DEPOSITORY INSTITUTION.—The
      term ‘‘State chartered depository institution’’ has the meaning given the term ‘‘State depository
      institution’’ in section 3(c) of the Federal Deposit Insurance Act (12 U.S.C. 1813(c)). (30) STATE
      PAYMENT STABLECOIN REGULATOR.—The term ‘‘State payment stablecoin regulator’’ means a State agency
      that has primary regulatory and supervisory authority in such State over entities that issue payment
      stablecoins. (31) STATE QUALIFIED PAYMENT STABLECOIN ISSUER.—The term ‘‘State qualified payment
      stablecoin issuer’’ means an entity that— (A) is legally established under the laws of a State and
      approved to issue payment stablecoins by a State pay- ment stablecoin regulator; and (B) is not
      an uninsured national bank chartered by the Comptroller pursuant to title LXII of the Revised Stat-
      utes, a Federal branch, an insured depository institution, or a subsidiary of such national bank,
      Federal branch, or insured depository institution. (32) SUBSIDIARY.—The term ‘‘subsidiary’’ has
      the meaning given that term in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813).
      (33) SUBSIDIARY OF AN INSURED CREDIT UNION.—With respect to an insured credit union, the term ‘‘subsidiary
      of an insured credit union’’ means— (A) an organization providing services to the insured credit
      union that are associated with the routine operations of credit unions, as described in section
      107(7)(I) of the Federal Credit Union Act (12 U.S.C. 1757(7)(I)); (B) a credit union service organization,
      as such term is used under part 712 of title 12, Code of Federal Regula- tions, with respect to
      which the insured credit union has an ownership interest or to which the insured credit union has
      extended a loan; and (C) a subsidiary of a State chartered insured credit union authorized under
      State law. SEC. 3. ISSUANCE AND TREATMENT OF PAYMENT STABLECOINS.
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-a
  canonical_id: genius-act-stablecoin-a
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(a): (a) LIMITATION ON ISSUERS.—It shall be unlawful for any person other than a permitted
    payment stablecoin issuer to issue a pay- ment stablecoin in the United States.'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (a) LIMITATION ON ISSUERS.—It shall be unlawful for any person other than a permitted
      payment stablecoin issuer to issue a pay- ment stablecoin in the United States.
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-b
  canonical_id: genius-act-stablecoin-b
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(b): (b) PROHIBITION ON OFFERS OR SALES.— (1) IN GENERAL.—Except as provided in subsection
    (c) and section 18, beginning on the date that is 3 years after the date of enactment of this Act,
    it shall be unlawful for a digital asset service provider to offer or sell a payment stablecoin to
    a person in the …'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (b) PROHIBITION ON OFFERS OR SALES.— (1) IN GENERAL.—Except as provided in subsection
      (c) and section 18, beginning on the date that is 3 years after the date of enactment of this Act,
      it shall be unlawful for a digital asset service provider to offer or sell a payment stablecoin
      to a person in the United States, unless the payment stablecoin is issued by a permitted payment
      stablecoin issuer. (2) FOREIGN PAYMENT STABLECOIN ISSUERS.—It shall be unlawful for any digital
      asset service provider to offer, sell, or otherwise make available in the United States a payment
      Compliance. Effective date. 12 USC 5902. VerDate Sep 11 2014 23:57 Aug 06, 2025 Jkt 059139 PO 00027
      Frm 00005 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL027.119 PUBL027 kcroghan on LAP5R21GR3PROD with PUBLAWS
      139 STAT. 424 PUBLIC LAW 119–27—JULY 18, 2025 stablecoin issued by a foreign payment stablecoin
      issuer unless the foreign payment stablecoin issuer has the technological capability to comply,
      and will comply, with the terms of any lawful order and any reciprocal arrangement pursuant to sec-
      tion 18.
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-c
  canonical_id: genius-act-stablecoin-c
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(c): (c) LIMITED SAFE HARBORS.— (1) IN GENERAL.—The Secretary of the Treasury may issue
    regulations providing safe harbors from subsection (a) that are— (A) consistent with the purposes
    of the Act; (B) limited in scope; and (C) apply to a de minimis volume of transactions, as determined
    by the Secretary …'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (c) LIMITED SAFE HARBORS.— (1) IN GENERAL.—The Secretary of the Treasury may issue
      regulations providing safe harbors from subsection (a) that are— (A) consistent with the purposes
      of the Act; (B) limited in scope; and (C) apply to a de minimis volume of transactions, as determined
      by the Secretary of the Treasury. (2) UNUSUAL AND EXIGENT CIRCUMSTANCES.— (A) IN GENERAL.—If the
      Secretary of the Treasury determines that unusual and exigent circumstances exist, the Secretary
      may provide limited safe harbors from sub- section (a). (B) JUSTIFICATION.—Prior to issuing a limited
      safe harbor under this paragraph, the Secretary of the Treasury shall submit to the chairs and ranking
      members of the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee
      on Financial Services of the House of Representatives a justification for the deter- mination of
      the unusual and exigent circumstances, which may be contained in a classified annex, as applicable.
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-d
  canonical_id: genius-act-stablecoin-d
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(d): (d) RULEMAKING.—Consistent with section 13, the Secretary of the Treasury shall issue
    regulations to implement this section, including regulations to define terms.'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (d) RULEMAKING.—Consistent with section 13, the Secretary of the Treasury shall issue
      regulations to implement this section, including regulations to define terms.
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-e
  canonical_id: genius-act-stablecoin-e
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(e): (e) EXTRATERRITORIAL EFFECT.—This section is intended to have extraterritorial effect
    if conduct involves the offer or sale of a payment stablecoin to a person located in the United States.'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (e) EXTRATERRITORIAL EFFECT.—This section is intended to have extraterritorial effect
      if conduct involves the offer or sale of a payment stablecoin to a person located in the United
      States.
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-f
  canonical_id: genius-act-stablecoin-f
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(f): (f) PENALTY FOR VIOLATION.— (1) IN GENERAL.—Whoever knowingly participates in a vio-
    lation of subsection (a) shall be fined not more than $1,000,000 for each such violation, imprisoned
    for not more than 5 years, or both. (2) REFERRAL TO ATTORNEY GENERAL.—If a primary Federal payment
    stablecoin regu…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (f) PENALTY FOR VIOLATION.— (1) IN GENERAL.—Whoever knowingly participates in a vio-
      lation of subsection (a) shall be fined not more than $1,000,000 for each such violation, imprisoned
      for not more than 5 years, or both. (2) REFERRAL TO ATTORNEY GENERAL.—If a primary Federal payment
      stablecoin regulator has reason to believe that any person has knowingly violated subsection (a),
      the primary Fed- eral payment stablecoin regulator may refer the matter to the Attorney General.
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-g
  canonical_id: genius-act-stablecoin-g
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(g): (g) TREATMENT.—A payment stablecoin that is not issued by a permitted payment stablecoin
    issuer shall not be— (1) treated as cash or as a cash equivalent for accounting purposes; (2) eligible
    as cash or as a cash equivalent margin and collateral for futures commission merchants, derivative
    clearing …'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (g) TREATMENT.—A payment stablecoin that is not issued by a permitted payment stablecoin
      issuer shall not be— (1) treated as cash or as a cash equivalent for accounting purposes; (2) eligible
      as cash or as a cash equivalent margin and collateral for futures commission merchants, derivative
      clearing organizations, broker-dealers, registered clearing agencies, and swap dealers; or (3) acceptable
      as a settlement asset to facilitate wholesale payments between banking organizations or by a payment
      infrastructure to facilitate exchange and settlement among banking organizations.
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-h
  canonical_id: genius-act-stablecoin-h
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(h): (h) RULES OF CONSTRUCTION.— (1) EXEMPT TRANSACTIONS.—This section shall not apply
    to— Applicability. Determinations. VerDate Sep 11 2014 23:57 Aug 06, 2025 Jkt 059139 PO 00027 Frm
    00006 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL027.119 PUBL027 kcroghan on LAP5R21GR3PROD with PUBLAWS 139
    STAT. 425 PUBLIC LAW …'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (h) RULES OF CONSTRUCTION.— (1) EXEMPT TRANSACTIONS.—This section shall not apply
      to— Applicability. Determinations. VerDate Sep 11 2014 23:57 Aug 06, 2025 Jkt 059139 PO 00027 Frm
      00006 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL027.119 PUBL027 kcroghan on LAP5R21GR3PROD with PUBLAWS 139
      STAT. 425 PUBLIC LAW 119–27—JULY 18, 2025 (A) the direct transfer of digital assets between 2 individuals
      acting on their own behalf and for their own lawful purposes, without the involvement of an inter-
      mediary; (B) to any transaction involving the receipt of digital assets by an individual between
      an account owned by the individual in the United States and an account owned by the individual abroad
      that are offered by the same parent company; or (C) to any transaction by means of a software or
      hard- ware wallet that facilitates an individual’s own custody of digital assets. (2) TREASURY AUTHORITY.—Nothing
      in this Act shall alter the existing authority of the Secretary of the Treasury to block, restrict,
      or limit transactions involving payment stablecoins that reference or are denominated in United
      States dollars that are subject to the jurisdiction of the United States. SEC. 4. REQUIREMENTS FOR
      ISSUING PAYMENT STABLECOINS.
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-a
  canonical_id: genius-act-stablecoin-a
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(a): (a) STANDARDS FOR THE ISSUANCE OF PAYMENT STABLECOINS.— (1) IN GENERAL.—A permitted
    payment stablecoin issuer shall— (A) maintain identifiable reserves backing the out- standing payment
    stablecoins of the permitted payment stablecoin issuer on an at least 1 to 1 basis, with reserves
    comprising—'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (a) STANDARDS FOR THE ISSUANCE OF PAYMENT STABLECOINS.— (1) IN GENERAL.—A permitted
      payment stablecoin issuer shall— (A) maintain identifiable reserves backing the out- standing payment
      stablecoins of the permitted payment stablecoin issuer on an at least 1 to 1 basis, with reserves
      comprising—
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-i
  canonical_id: genius-act-stablecoin-i
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(i): (i) United States coins and currency (including Federal Reserve notes) or money standing
    to the credit of an account with a Federal Reserve Bank; (ii) funds held as demand deposits (or other
    deposits that may be withdrawn upon request at any time) or insured shares at an insured depository
    instituti…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (i) United States coins and currency (including Federal Reserve notes) or money standing
      to the credit of an account with a Federal Reserve Bank; (ii) funds held as demand deposits (or
      other deposits that may be withdrawn upon request at any time) or insured shares at an insured depository
      institution (including any foreign branches or agents, including correspondent banks, of an insured
      deposi- tory institution), subject to limitations established by the Corporation and the National
      Credit Union Administration, as applicable, to address safety and soundness risks of such insured
      depository institution; (iii) Treasury bills, notes, or bonds— (I) with a remaining maturity of
      93 days or less; or (II) issued with a maturity of 93 days or less; (iv) money received under repurchase
      agreements, with the permitted payment stablecoin issuer acting as a seller of securities and with
      an overnight maturity, that are backed by Treasury bills with a maturity of 93 days or less;
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-v
  canonical_id: genius-act-stablecoin-v
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(v): (v) reverse repurchase agreements, with the per- mitted payment stablecoin issuer
    acting as a purchaser of securities and with an overnight maturity, that are collateralized by Treasury
    notes, bills, or bonds on an overnight basis, subject to overcollateralization in line with standard
    market terms,…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (v) reverse repurchase agreements, with the per- mitted payment stablecoin issuer
      acting as a purchaser of securities and with an overnight maturity, that are collateralized by Treasury
      notes, bills, or bonds on an overnight basis, subject to overcollateralization in line with standard
      market terms, that are— (I) tri-party; (II) centrally cleared through a clearing agency registered
      with the Securities and Exchange Commission; or Time period. Time period. 12 USC 5903. VerDate Sep
      11 2014 23:57 Aug 06, 2025 Jkt 059139 PO 00027 Frm 00007 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL027.119
      PUBL027 kcroghan on LAP5R21GR3PROD with PUBLAWS 139 STAT. 426 PUBLIC LAW 119–27—JULY 18, 2025 (III)
      bilateral with a counterparty that the issuer has determined to be adequately credit- worthy even
      in the event of severe market stress; (vi) securities issued by an investment company registered
      under section 8(a) of the Investment Com- pany Act of 1940 (15 U.S.C. 80a–8(a)), or other reg- istered
      Government money market fund, and that are invested solely in underlying assets described in clauses
      (i) through (v); (vii) any other similarly liquid Federal Govern- ment-issued asset approved by
      the primary Federal payment stablecoin regulator, in consultation with the State payment stablecoin
      regulator, if applicable, of the permitted payment stablecoin issuer; or (viii) any reserve described
      in clause (i) through (iii) or clause (vi) through (vii) in tokenized form, pro- vided that such
      reserves comply with all applicable laws and regulations; (B) publicly disclose the issuer’s redemption
      policy, which shall—
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-i
  canonical_id: genius-act-stablecoin-i
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(i): (i) establish clear and conspicuous procedures for timely redemption of outstanding
    payment stablecoins, provided that any discretionary limitations on timely redemptions can only be
    imposed by a State qualified payment stablecoin regulator, the Corporation, the Comptroller, or the
    Board, consistent…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (i) establish clear and conspicuous procedures for timely redemption of outstanding
      payment stablecoins, provided that any discretionary limitations on timely redemptions can only
      be imposed by a State qualified payment stablecoin regulator, the Corporation, the Comptroller,
      or the Board, consistent with section 7; and (ii) publicly, clearly, and conspicuously disclose
      in plain language all fees associated with purchasing or redeeming the payment stablecoins, provided
      that such fees can only be changed upon not less than 7 days’ prior notice to consumers; and (C)
      publish the monthly composition of the issuer’s reserves on the website of the issuer, containing—
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-i
  canonical_id: genius-act-stablecoin-i
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(i): (i) the total number of outstanding payment stablecoins issued by the issuer; and
    (ii) the amount and composition of the reserves described in subparagraph (A), including the average
    tenor and geographic location of custody of each cat- egory of reserve instruments. (2) PROHIBITION
    ON REHYPOTHECATIO…'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (i) the total number of outstanding payment stablecoins issued by the issuer; and
      (ii) the amount and composition of the reserves described in subparagraph (A), including the average
      tenor and geographic location of custody of each cat- egory of reserve instruments. (2) PROHIBITION
      ON REHYPOTHECATION.—Reserves required under paragraph (1)(A) may not be pledged, rehypothecated,
      or reused by the permitted payment stablecoin issuer, either directly or indirectly, except for
      the purpose of— (A) satisfying margin obligations in connection with investments in permitted reserves
      under clauses (iv) and
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-v
  canonical_id: genius-act-stablecoin-v
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(v): (v) of paragraph (1)(A); (B) satisfying obligations associated with the use, receipt,
    or provision of standard custodial services; or (C) creating liquidity to meet reasonable expectations
    of requests to redeem payment stablecoins, such that reserves in the form of Treasury bills may be
    sold as purc…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (v) of paragraph (1)(A); (B) satisfying obligations associated with the use, receipt,
      or provision of standard custodial services; or (C) creating liquidity to meet reasonable expectations
      of requests to redeem payment stablecoins, such that reserves in the form of Treasury bills may
      be sold as purchased securities for repurchase agreements with a maturity of 93 days or less, provided
      that either—
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-i
  canonical_id: genius-act-stablecoin-i
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(i): (i) the repurchase agreements are cleared by a clearing agency registered with the
    Securities and Exchange Commission; or Time period. Web posting. Time period. Notice. Procedures.
    Public information. Compliance. VerDate Sep 11 2014 23:57 Aug 06, 2025 Jkt 059139 PO 00027 Frm 00008
    Fmt 6580 Sfmt 6581…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (i) the repurchase agreements are cleared by a clearing agency registered with the
      Securities and Exchange Commission; or Time period. Web posting. Time period. Notice. Procedures.
      Public information. Compliance. VerDate Sep 11 2014 23:57 Aug 06, 2025 Jkt 059139 PO 00027 Frm 00008
      Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL027.119 PUBL027 kcroghan on LAP5R21GR3PROD with PUBLAWS 139 STAT.
      427 PUBLIC LAW 119–27—JULY 18, 2025 (ii) the permitted payment stablecoin issuer receives the prior
      approval of its primary Federal pay- ment stablecoin regulator or State payment stablecoin regulator,
      as applicable. (3) MONTHLY CERTIFICATION; EXAMINATION OF REPORTS BY REGISTERED PUBLIC ACCOUNTING
      FIRM.— (A) IN GENERAL.—A permitted payment stablecoin issuer shall, each month, have the information
      disclosed in the previous month-end report required under paragraph (1)(D) examined by a registered
      public accounting firm. (B) CERTIFICATION.—Each month, the Chief Executive Officer and Chief Financial
      Officer of a permitted payment stablecoin issuer shall submit a certification as to the accuracy
      of the monthly report to, as applicable—
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-i
  canonical_id: genius-act-stablecoin-i
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(i): (i) the primary Federal payment stablecoin regu- lator of the permitted payment stablecoin
    issuer; or (ii) the State payment stablecoin regulator of the permitted payment stablecoin issuer.
    (C) CRIMINAL PENALTY.—Any person who submits a certification required under subparagraph (B) knowing
    that such…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (i) the primary Federal payment stablecoin regu- lator of the permitted payment stablecoin
      issuer; or (ii) the State payment stablecoin regulator of the permitted payment stablecoin issuer.
      (C) CRIMINAL PENALTY.—Any person who submits a certification required under subparagraph (B) knowing
      that such certification is false shall be subject to the same criminal penalties as those set forth
      under section 1350(c) of title 18, United States Code. (4) CAPITAL, LIQUIDITY, AND RISK MANAGEMENT
      REQUIRE- MENTS.— (A) IN GENERAL.—The primary Federal payment stablecoin regulators shall, or in
      the case of a State quali- fied payment stablecoin issuer, the State payment stablecoin regulator
      shall, consistent with section 13, issue regulations implementing—
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-i
  canonical_id: genius-act-stablecoin-i
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(i): (i) capital requirements applicable to permitted payment stablecoin issuers that—
    (I) are tailored to the business model and risk profile of permitted payment stablecoin issuers; (II)
    do not exceed requirements that are suffi- cient to ensure the ongoing operations of permitted payment
    stablecoin is…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (i) capital requirements applicable to permitted payment stablecoin issuers that—
      (I) are tailored to the business model and risk profile of permitted payment stablecoin issuers;
      (II) do not exceed requirements that are suffi- cient to ensure the ongoing operations of permitted
      payment stablecoin issuers; and (III) in the case of the primary Federal pay- ment stablecoin regulators,
      if the primary Federal payment stablecoin regulators determine that a capital buffer is necessary
      to ensure the ongoing operations of permitted payment stablecoin issuers, may include capital buffers
      that are tai- lored to the business model and risk profile of permitted payment stablecoin issuers;
      (ii) the liquidity standard under paragraph (1)(A); (iii) reserve asset diversification, including
      deposit concentration at banking institutions, and interest rate risk management standards applicable
      to permitted payment stablecoin issuers that— (I) are tailored to the business model and risk profile
      of permitted payment stablecoin issuers; and (II) do not exceed standards that are sufficient to
      ensure the ongoing operations of permitted pay- ment stablecoin issuers; and Determination. Advance
      approval. VerDate Sep 11 2014 23:57 Aug 06, 2025 Jkt 059139 PO 00027 Frm 00009 Fmt 6580 Sfmt 6581
      E:\PUBLAW\PUBL027.119 PUBL027 kcroghan on LAP5R21GR3PROD with PUBLAWS 139 STAT. 428 PUBLIC LAW 119–27—JULY
      18, 2025 (iv) appropriate operational, compliance, and information technology risk management principles-
      based requirements and standards, including Bank Secrecy Act and sanctions compliance standards,
      that— (I) are tailored to the business model and risk profile of permitted payment stablecoin issuers;
      and (II) are consistent with applicable law. (B) RULE OF CONSTRUCTION.—Nothing in this para- graph
      shall be construed to limit—
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-i
  canonical_id: genius-act-stablecoin-i
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(i): (i) the authority of the primary Federal payment stablecoin regulators, in prescribing
    standards under this paragraph, to tailor or differentiate among issuers on an individual basis or
    by category, taking into consideration the capital structure, business model risk profile, complexity,
    financial a…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (i) the authority of the primary Federal payment stablecoin regulators, in prescribing
      standards under this paragraph, to tailor or differentiate among issuers on an individual basis
      or by category, taking into consideration the capital structure, business model risk profile, complexity,
      financial activities (including finan- cial activities of subsidiaries), size, and any other risk-
      related factors of permitted payment stablecoin issuers that a primary Federal payment stablecoin
      regulator determines appropriate, provided that such tailoring or differentiation occurs without
      respect to whether a permitted payment stablecoin issuer is regulated by a State payment stablecoin
      regulator; or (ii) any supervisory, regulatory, or enforcement authority of a primary Federal payment
      stablecoin regulator to further the safe and sound operation of an institution for which the primary
      Federal payment stablecoin regulator is the appropriate regulator. (C) APPLICABILITY OF EXISTING
      CAPITAL STANDARDS.—
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-i
  canonical_id: genius-act-stablecoin-i
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(i): (i) DEFINITION.—In this subparagraph, the term ‘‘depository institution holding company’’
    has the meaning given that term under section 171(a)(3) of the Financial Stability Act of 2010 (12
    U.S.C. 5371(a)(3)). (ii) APPLICABILITY OF FINANCIAL STABILITY ACT.— With respect to the promulgation
    of rules u…'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (i) DEFINITION.—In this subparagraph, the term ‘‘depository institution holding company’’
      has the meaning given that term under section 171(a)(3) of the Financial Stability Act of 2010 (12
      U.S.C. 5371(a)(3)). (ii) APPLICABILITY OF FINANCIAL STABILITY ACT.— With respect to the promulgation
      of rules under subparagraph (A) and clauses (iii) and (iv) of this subparagraph, section 171 of
      the Financial Stability Act of 2010 (12 U.S.C. 5371) shall not apply. (iii) RULES RELATING TO LEVERAGE
      CAPITAL REQUIREMENTS OR RISK-BASED CAPITAL REQUIRE- MENTS.—Any rule issued by an appropriate Federal
      banking agency that imposes, on a consolidated basis, a leverage capital requirement or risk-based
      capital requirement with respect to an insured depository institution or depository institution
      holding company shall provide that, for purposes of such leverage capital requirement or risk-based
      capital requirement, any insured depository institution or depository institution holding company
      that includes, on a consolidated basis, a permitted payment stablecoin issuer, shall not be required
      to hold, with respect to such permitted pay- ment stablecoin issuer and its assets and operations,
      any amount of regulatory capital in excess of the cap- ital that such permitted payment stablecoin
      issuer must maintain under the capital requirements issued pursuant to subparagraph (A)(i). VerDate
      Sep 11 2014 23:57 Aug 06, 2025 Jkt 059139 PO 00027 Frm 00010 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL027.119
      PUBL027 kcroghan on LAP5R21GR3PROD with PUBLAWS 139 STAT. 429 PUBLIC LAW 119–27—JULY 18, 2025 (iv)
      MODIFICATIONS.—Not later than the earlier of the rulemaking deadline under section 13 or the date
      on which the Federal payment stablecoin regu- lators issue regulations to carry out this section,
      each appropriate Federal banking agency shall amend or otherwise modify any regulation of the appropriate
      Federal banking agency described in clause (iii) so that such regulation, as amended or otherwise
      modi- fied, complies with clause (iii) of this subparagraph. (5) TREATMENT UNDER THE BANK SECRECY
      ACT AND SANC- TIONS LAWS.— (A) IN GENERAL.—A permitted payment stablecoin issuer shall be treated
      as a financial institution for pur- poses of the Bank Secrecy Act, and as such, shall be subject
      to all Federal laws applicable to a financial institution located in the United States relating
      to economic sanctions, prevention of money laundering, customer identification, and due diligence,
      including—
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-i
  canonical_id: genius-act-stablecoin-i
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(i): (i) maintenance of an effective anti-money laun- dering program, which shall include
    appropriate risk assessments and designation of an officer to supervise the program; (ii) retention
    of appropriate records; (iii) monitoring and reporting of any suspicious transaction relevant to a
    possible violati…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (i) maintenance of an effective anti-money laun- dering program, which shall include
      appropriate risk assessments and designation of an officer to supervise the program; (ii) retention
      of appropriate records; (iii) monitoring and reporting of any suspicious transaction relevant to
      a possible violation of law or regulation; (iv) technical capabilities, policies, and procedures
      to block, freeze, and reject specific or impermissible transactions that violate Federal or State
      laws, rules, or regulations;
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-v
  canonical_id: genius-act-stablecoin-v
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(v): (v) maintenance of an effective customer identifica- tion program, including identification
    and verification of account holders with the permitted payment stablecoin issuer, high-value transactions,
    and appro- priate enhanced due diligence; and (vi) maintenance of an effective economic sanctions
    com…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (v) maintenance of an effective customer identifica- tion program, including identification
      and verification of account holders with the permitted payment stablecoin issuer, high-value transactions,
      and appro- priate enhanced due diligence; and (vi) maintenance of an effective economic sanctions
      compliance program, including verification of sanctions lists, consistent with Federal law. (B)
      RULEMAKING.—The Secretary of the Treasury shall adopt rules, tailored to the size and complexity
      of permitted payment stablecoin issuers, to implement subparagraph (A). (C) RESERVATION OF AUTHORITY.—Nothing
      in this Act shall restrict the authority of the Secretary of the Treasury to implement, administer,
      and enforce the provisions of subchapter II of chapter 53 of title 31, United States Code. (6) COORDINATION
      WITH PERMITTED PAYMENT STABLECOIN ISSUERS WITH RESPECT TO BLOCKING OF PROPERTY AND TECHNO- LOGICAL
      CAPABILITIES TO COMPLY WITH LAWFUL ORDERS.— (A) IN GENERAL.—The Secretary of the Treasury—
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-i
  canonical_id: genius-act-stablecoin-i
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(i): (i) shall, to the best of the Secretary’s ability, coordinate with a permitted payment
    stablecoin issuer before taking any action to block and prohibit trans- actions in property and interests
    in property of a for- eign person to ensure that the permitted payment stablecoin issuer is able to
    effecti…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (i) shall, to the best of the Secretary’s ability, coordinate with a permitted payment
      stablecoin issuer before taking any action to block and prohibit trans- actions in property and
      interests in property of a for- eign person to ensure that the permitted payment stablecoin issuer
      is able to effectively block a payment Verification. Lists. Verification. Policies. Procedures.
      Records. Risk assessments. Designation. Applicability. Deadline. Compliance. VerDate Sep 11 2014
      23:57 Aug 06, 2025 Jkt 059139 PO 00027 Frm 00011 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL027.119 PUBL027
      kcroghan on LAP5R21GR3PROD with PUBLAWS 139 STAT. 430 PUBLIC LAW 119–27—JULY 18, 2025 stablecoin
      of the foreign person upon issuance of the payment stablecoin; and (ii) is not required to notify
      any permitted payment stablecoin issuer of any intended action described in clause (i) prior to
      taking such action. (B) COMPLIANCE WITH LAWFUL ORDERS.—A permitted payment stablecoin issuer may
      issue payment stablecoins only if the issuer has the technological capability to comply, and will
      comply, with the terms of any lawful order. (C) REPORT REQUIRED.—Not later than 1 year after the
      date of enactment of this Act, the Attorney General and the Secretary of the Treasury shall submit
      to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial
      Services of the House of Representatives a report, which may include a classified annex if applicable,
      on the coordination with permitted payment stablecoin issuers required under subparagraph (A). (D)
      RULE OF CONSTRUCTION.—Nothing in this para- graph shall be construed to alter or affect the authority
      of State payment stablecoin regulators with respect to the offer of foreign-issued digital assets
      that are issued within a foreign jurisdiction. (7) LIMITATION ON PAYMENT STABLECOIN ACTIVITIES.—
      (A) IN GENERAL.—A permitted payment stablecoin issuer may only—
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-i
  canonical_id: genius-act-stablecoin-i
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(i): (i) issue payment stablecoins; (ii) redeem payment stablecoins; (iii) manage related
    reserves, including pur- chasing, selling, and holding reserve assets or pro- viding custodial services
    for reserve assets, consistent with State and Federal law; (iv) provide custodial or safekeeping services
    for p…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (i) issue payment stablecoins; (ii) redeem payment stablecoins; (iii) manage related
      reserves, including pur- chasing, selling, and holding reserve assets or pro- viding custodial services
      for reserve assets, consistent with State and Federal law; (iv) provide custodial or safekeeping
      services for payment stablecoins, required reserves, or private keys of payment stablecoins, consistent
      with this Act; and
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-v
  canonical_id: genius-act-stablecoin-v
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(v): (v) undertake other activities that directly support any of the activities described
    in clauses (i) through (iv). (B) RULE OF CONSTRUCTION.—Nothing in subparagraph (A) shall limit a permitted
    payment stablecoin issuer from engaging in payment stablecoin activities or digital asset service
    provider a…'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (v) undertake other activities that directly support any of the activities described
      in clauses (i) through (iv). (B) RULE OF CONSTRUCTION.—Nothing in subparagraph (A) shall limit a
      permitted payment stablecoin issuer from engaging in payment stablecoin activities or digital asset
      service provider activities specified by this Act, and activi- ties incidental thereto, that are
      authorized by the primary Federal payment stablecoin regulator or the State payment stablecoin regulator,
      as applicable, consistent with all other Federal and State laws, provided that the claims of pay-
      ment stablecoin holders rank senior to any potential claims of non-stablecoin creditors with respect
      to the reserve assets, consistent with section 11. (8) PROHIBITION ON TYING.— (A) IN GENERAL.—A
      permitted payment stablecoin issuer may not provide services to a customer on the condi- tion that
      the customer obtain an additional paid product or service from the permitted payment stablecoin
      issuer, or any of its subsidiaries, or agree to not obtain an addi- tional product or service from
      a competitor. VerDate Sep 11 2014 23:57 Aug 06, 2025 Jkt 059139 PO 00027 Frm 00012 Fmt 6580 Sfmt
      6581 E:\PUBLAW\PUBL027.119 PUBL027 kcroghan on LAP5R21GR3PROD with PUBLAWS 139 STAT. 431 PUBLIC
      LAW 119–27—JULY 18, 2025 (B) REGULATIONS.—The Board may issue such regula- tions as are necessary
      to carry out this paragraph, and, in consultation with other relevant primary Federal pay- ment
      stablecoin regulators, may by regulation or order, permit such exceptions to subparagraph (A) as
      the Board considers will not be contrary to the purpose of this Act. (9) PROHIBITION ON THE USE
      OF DECEPTIVE NAMES.— (A) IN GENERAL.—A permitted payment stablecoin issuer may not—
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-i
  canonical_id: genius-act-stablecoin-i
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(i): (i) use any combination of terms relating to the United States Government, including
    ‘‘United States’’, ‘‘United States Government’’, and ‘‘USG’’ in the name of a payment stablecoin;
    or (ii) market a payment stablecoin in such a way that a reasonable person would perceive the payment
    stablecoin to b…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (i) use any combination of terms relating to the United States Government, including
      ‘‘United States’’, ‘‘United States Government’’, and ‘‘USG’’ in the name of a payment stablecoin;
      or (ii) market a payment stablecoin in such a way that a reasonable person would perceive the payment
      stablecoin to be— (I) legal tender, as described in section 5103 of title 31, United States Code;
      (II) issued by the United States; or (III) guaranteed or approved by the Govern- ment of the United
      States. (B) PEGGED STABLECOINS.—Abbreviations directly relating to the currency to which a payment
      stablecoin is pegged, such as ‘‘USD’’, are not subject to the prohibitions in subparagraph (A).
      (10) AUDITS AND REPORTS.— (A) ANNUAL FINANCIAL STATEMENT.—
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-i
  canonical_id: genius-act-stablecoin-i
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(i): (i) IN GENERAL.—A permitted payment stablecoin issuer with more than $50,000,000,000
    in consolidated total outstanding issuance, that is not subject to the reporting requirements under
    section 13(a) or 15(d) of the Securities and Exchange Act of 1934 (15 U.S.C. 78m, 78o(d)), shall prepare,
    in accord…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (i) IN GENERAL.—A permitted payment stablecoin issuer with more than $50,000,000,000
      in consolidated total outstanding issuance, that is not subject to the reporting requirements under
      section 13(a) or 15(d) of the Securities and Exchange Act of 1934 (15 U.S.C. 78m, 78o(d)), shall
      prepare, in accordance with gen- erally accepted accounting principles, an annual finan- cial statement,
      which shall include the disclosure of any related party transactions, as defined by such gen- erally
      accepted accounting principles. (ii) AUDITOR.—A registered public accounting firm shall perform
      an audit of the annual financial state- ments described in clause (i). (iii) STANDARDS.—An audit
      described in clause (ii) shall be conducted in accordance with all applicable auditing standards
      established by the Public Company Accounting Oversight Board, including those relating to auditor
      independence, internal controls, and related party transactions. (iv) RULE OF CONSTRUCTION.—Nothing
      in this subparagraph shall be construed to limit, alter, or expand the jurisdiction of the Public
      Company Accounting Oversight Board over permitted payment stablecoin issuers or registered public
      accounting firms. (B) PUBLIC DISCLOSURE AND SUBMISSION TO FEDERAL REGULATORS.—Each permitted payment
      stablecoin issuer required to prepare an audited annual financial statement under subparagraph (A)
      shall— VerDate Sep 11 2014 23:57 Aug 06, 2025 Jkt 059139 PO 00027 Frm 00013 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL027.119
      PUBL027 kcroghan on LAP5R21GR3PROD with PUBLAWS 139 STAT. 432 PUBLIC LAW 119–27—JULY 18, 2025
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-i
  canonical_id: genius-act-stablecoin-i
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(i): (i) make such audited financial statements publicly available on the website of the
    permitted payment stablecoin issuer; and (ii) submit such audited financial statements annually to
    their primary Federal payment stablecoin regulator. (C) CONSULTATION.—The primary Federal payment
    stablecoin regulato…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: '(i) make such audited financial statements publicly available on the website of
      the permitted payment stablecoin issuer; and (ii) submit such audited financial statements annually
      to their primary Federal payment stablecoin regulator. (C) CONSULTATION.—The primary Federal payment
      stablecoin regulators may consult with the Public Company Accounting Oversight Board to determine
      best practices for determining audit oversight and to detect fraud, mate- rial misstatements, and
      other financial misrepresentations that could mislead permitted payment stablecoin holders. (11)
      PROHIBITION ON INTEREST.—No permitted payment stablecoin issuer or foreign payment stablecoin issuer
      shall pay the holder of any payment stablecoin any form of interest or yield (whether in cash, tokens,
      or other consideration) solely in connection with the holding, use, or retention of such pay- ment
      stablecoin. (12) NON-FINANCIAL SERVICES PUBLIC COMPANIES.— (A) DEFINITIONS.—In this paragraph:'
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-i
  canonical_id: genius-act-stablecoin-i
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(i): (i) FINANCIAL ACTIVITIES.—The term ‘‘financial activities’’— (I) has the meaning
    given that term in section 4(k) of the Bank Holding Company Act of 1956 (12 U.S.C. 1843(k)); and (II)
    for the avoidance of doubt, includes those activities described in subparagraphs (A) and (B) of section
    2(7) and sect…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (i) FINANCIAL ACTIVITIES.—The term ‘‘financial activities’’— (I) has the meaning
      given that term in section 4(k) of the Bank Holding Company Act of 1956 (12 U.S.C. 1843(k)); and
      (II) for the avoidance of doubt, includes those activities described in subparagraphs (A) and (B)
      of section 2(7) and section 4(a)(7)(A) of this Act. (ii) PUBLIC COMPANY.—The term ‘‘public company’’
      means an issuer that is required to file reports under section 13(a) or 15(d) of the Securities
      Exchange Act of 1934 (15 U.S.C. 78m(a), 78o(d)). (B) PROHIBITION.—
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-i
  canonical_id: genius-act-stablecoin-i
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(i): (i) IN GENERAL.—A public company that is not predominantly engaged in 1 or more financial
    activi- ties, and its wholly or majority owned subsidiaries or affiliates, may not issue a payment
    stablecoin unless the public company obtains a unanimous vote of the Stablecoin Certification Review
    Committee …'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (i) IN GENERAL.—A public company that is not predominantly engaged in 1 or more financial
      activi- ties, and its wholly or majority owned subsidiaries or affiliates, may not issue a payment
      stablecoin unless the public company obtains a unanimous vote of the Stablecoin Certification Review
      Committee finding that— (I) it will not pose a material risk to the safety and soundness of the
      United States banking system, the financial stability of the United States, or the Deposit Insurance
      Fund; (II) the public company will comply with data use limitations providing that, unless the public
      company receives consent from the consumer, non- public personal information obtained from stablecoin
      transaction data may not be— (aa) used to target, personalize, or rank advertising or other content;
      (bb) sold to any third party; or (cc) shared with non-affiliates; and (III) the public company and
      the affiliates of the public company will comply with the tying prohibitions under paragraph (8).
      Consent. Compliance. VerDate Sep 11 2014 23:57 Aug 06, 2025 Jkt 059139 PO 00027 Frm 00014 Fmt 6580
      Sfmt 6581 E:\PUBLAW\PUBL027.119 PUBL027 kcroghan on LAP5R21GR3PROD with PUBLAWS 139 STAT. 433 PUBLIC
      LAW 119–27—JULY 18, 2025 (ii) EXCEPTION.—The prohibition under clause (i) against the sharing of
      consumer information shall not apply to sharing of such information— (I) to comply with Federal,
      State, or local laws, rules, and other applicable legal requirements; (II) to comply with a properly
      authorized civil, criminal, or regulatory investigation, subpoena, or summons by a Federal, State,
      or local authority; or (III) to respond to judicial process or a govern- ment regulatory authority
      having jurisdiction over the public company. (C) EXTENSION OF PROHIBITION.—
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-i
  canonical_id: genius-act-stablecoin-i
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(i): (i) IN GENERAL.—Any company not domiciled in the United States or its Territories
    that is not predomi- nantly engaged in 1 or more financial activities, may not issue a payment stablecoin
    unless the public com- pany obtains a unanimous vote of the Stablecoin Cer- tification Review Committee
    finding …'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (i) IN GENERAL.—Any company not domiciled in the United States or its Territories
      that is not predomi- nantly engaged in 1 or more financial activities, may not issue a payment stablecoin
      unless the public com- pany obtains a unanimous vote of the Stablecoin Cer- tification Review Committee
      finding that— (I) it will not pose a material risk to the safety and soundness of the United States
      banking system, the financial stability of the United States, or the Deposit Insurance Fund; (II)
      the public company will comply with data use limitations providing that, unless the public company
      receives consent from the consumer, non- public personal information obtained from stablecoin transaction
      data may not be— (aa) used to target, personalize, or rank advertising or other content; (bb) sold
      to any third party; or (cc) shared with non-affiliates; except (III) the public company and the
      affiliates of the public company will comply with the tying prohibitions under paragraph (8). (ii)
      EXCEPTION.—The prohibition under clause (i) against the sharing of consumer information shall not
      apply to sharing of such information— (I) to comply with Federal, State, or local laws, rules, and
      other applicable legal requirements; (II) to comply with a properly authorized civil, criminal,
      or regulatory investigation, subpoena, or summons by a Federal, State, or local authority; or (III)
      to respond to judicial process or a govern- ment regulatory authority having jurisdiction over the
      public company. (D) RULEMAKING.—Not later than 1 year after the date of enactment of this Act, the
      Stablecoin Certification Review Committee shall issue an interpretive rule clari- fying the application
      of this paragraph. (13) ELIGIBILITY.—Nothing in this Act shall be construed as expanding or contracting
      legal eligibility to receive services available from a Federal Reserve bank or to make deposits
      with a Federal Reserve bank, in each case pursuant to the Federal Reserve Act. Deadline. Consent.
      VerDate Sep 11 2014 23:57 Aug 06, 2025 Jkt 059139 PO 00027 Frm 00015 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL027.119
      PUBL027 kcroghan on LAP5R21GR3PROD with PUBLAWS 139 STAT. 434 PUBLIC LAW 119–27—JULY 18, 2025 (14)
      RULE OF CONSTRUCTION.—Compliance with this section does not alter or affect any additional requirement
      of a State payment stablecoin regulator that may apply relating to the offering of payment stablecoins.
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-b
  canonical_id: genius-act-stablecoin-b
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(b): (b) REGULATION BY THE COMPTROLLER.— (1) IN GENERAL.—Notwithstanding section 5136C
    of the Revised Statutes (12 U.S.C. 25b), section 6 of the Home Owners’ Loan Act (12 U.S.C. 1465),
    or any applicable State law relating to licensing and supervision, a Federal qualified payment stablecoin
    issuer approve…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: '(b) REGULATION BY THE COMPTROLLER.— (1) IN GENERAL.—Notwithstanding section 5136C
      of the Revised Statutes (12 U.S.C. 25b), section 6 of the Home Owners’ Loan Act (12 U.S.C. 1465),
      or any applicable State law relating to licensing and supervision, a Federal qualified payment stablecoin
      issuer approved by the Comptroller pursuant to sec- tion 5 of this Act shall be licensed, regulated,
      examined, and supervised exclusively by the Comptroller, which shall have authority, in coordination
      with other relevant primary Federal payment stablecoin regulators and State payment stablecoin regulators,
      to issue such regulations and orders as necessary to ensure financial stability and implement subsection
      (a). (2) CONFORMING AMENDMENT.—Section 324(b) of the Revised Statutes (12 U.S.C. 1(b)) is amended
      by adding at the end the following: ‘‘(3) REGULATION OF FEDERAL QUALIFIED PAYMENT STABLECOIN ISSUERS.—The
      Comptroller of the Currency shall, in coordination with other relevant regulators and consistent
      with section 13 of the GENIUS Act, issue such regulations and orders as necessary to ensure financial
      stability and imple- ment section 4(a) of that Act.’’.'
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-c
  canonical_id: genius-act-stablecoin-c
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(c): (c) STATE-LEVEL REGULATORY REGIMES.— (1) OPTION FOR STATE-LEVEL REGULATORY REGIME.—Not-
    withstanding the Federal regulatory framework established under this Act, a State qualified payment
    stablecoin issuer with a consolidated total outstanding issuance of not more than $10,000,000,000
    may opt for re…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (c) STATE-LEVEL REGULATORY REGIMES.— (1) OPTION FOR STATE-LEVEL REGULATORY REGIME.—Not-
      withstanding the Federal regulatory framework established under this Act, a State qualified payment
      stablecoin issuer with a consolidated total outstanding issuance of not more than $10,000,000,000
      may opt for regulation under a State- level regulatory regime, provided that the State-level regulatory
      regime is substantially similar to the Federal regulatory frame- work under this Act. (2) PRINCIPLES.—The
      Secretary of the Treasury shall, through notice and comment rulemaking, establish broad-based principles
      for determining whether a State-level regulatory regime is substantially similar to the Federal
      regulatory frame- work under this Act. (3) REVIEW.—State payment stablecoin regulators shall review
      State-level regulatory regimes according to the principles established by the Secretary of the Treasury
      under paragraph (2) and for the purposes of establishing any necessary coopera- tive agreements
      to implement section 7(f). (4) CERTIFICATION.— (A) INITIAL CERTIFICATION.—Subject to subparagraph
      (B), not later than 1 year after the effective date of this Act, a State payment stablecoin regulator
      shall submit to the Stablecoin Certification Review Committee an initial certification that the
      State-level regulatory regime meets the criteria for substantial similarity established pursuant
      to paragraph (2). (B) FORM OF CERTIFICATION.—The initial certification required under subparagraph
      (A) shall contain, in a form prescribed by the Stablecoin Certification Review Com- mittee, an attestation
      that the State-level regulatory Attestation. Deadlines. Contracts. Notice. Determination. VerDate
      Sep 11 2014 23:57 Aug 06, 2025 Jkt 059139 PO 00027 Frm 00016 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL027.119
      PUBL027 kcroghan on LAP5R21GR3PROD with PUBLAWS 139 STAT. 435 PUBLIC LAW 119–27—JULY 18, 2025 regime
      meets the criteria for substantial similarity estab- lished pursuant to paragraph (2). (C) ANNUAL
      RECERTIFICATION.—Not later than a date to be determined by the Secretary of the Treasury each year,
      a State payment stablecoin regulator shall submit to the Stablecoin Certification Review Committee
      an addi- tional certification that confirms the accuracy of the initial certification submitted
      under subparagraph (A). (5) CERTIFICATION REVIEW.— (A) IN GENERAL.—Not later than 30 days after
      the date on which a State payment stablecoin regulator submits an initial certification or a recertification
      under paragraph (4), the Stablecoin Certification Review Committee shall—
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-i
  canonical_id: genius-act-stablecoin-i
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(i): (i) approve such certification if the Committee unanimously determines that the State-level
    regu- latory regime meets or exceeds the standards and requirements described in subsection (a); or
    (ii) deny such certification and provide the State payment stablecoin regulator with a written expla-
    nation…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (i) approve such certification if the Committee unanimously determines that the State-level
      regu- latory regime meets or exceeds the standards and requirements described in subsection (a);
      or (ii) deny such certification and provide the State payment stablecoin regulator with a written
      expla- nation of the denial, describing the reasoned basis for the denial with sufficient detail
      to enable the State payment stablecoin regulator and State-level regu- latory regime to make any
      changes necessary to meet or exceed the standards and requirements described in subsection (a).
      (B) RECERTIFICATIONS.—With respect to any recertifi- cation certification submitted by a State payment
      stablecoin regulator under paragraph (4), the Stablecoin Certification Review Committee shall only
      deny the recertification if—
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-i
  canonical_id: genius-act-stablecoin-i
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(i): (i) the State-level regulatory regime has materially changed from the prior certification
    or there has been a significant change in circumstances; and (ii) the material change in the regime
    or significant change in circumstances described in clause (i) is such that the State-level regulatory
    regime …'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (i) the State-level regulatory regime has materially changed from the prior certification
      or there has been a significant change in circumstances; and (ii) the material change in the regime
      or significant change in circumstances described in clause (i) is such that the State-level regulatory
      regime will not promote the safe and sound operation of State qualified pay- ment stablecoin issuers
      under its supervision. (C) OPPORTUNITY TO CURE.—
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-i
  canonical_id: genius-act-stablecoin-i
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(i): (i) IN GENERAL.—With respect to a denial described under subparagraph (A) or (B),
    the Stablecoin Certifi- cation Review Committee shall provide the State pay- ment stablecoin regulator
    with not less than 180 days from the date on which the State payment stablecoin regulator is notified
    of such denia…'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (i) IN GENERAL.—With respect to a denial described under subparagraph (A) or (B),
      the Stablecoin Certifi- cation Review Committee shall provide the State pay- ment stablecoin regulator
      with not less than 180 days from the date on which the State payment stablecoin regulator is notified
      of such denial to— (I) make such changes as may be necessary to ensure the State-level regulatory
      regime meets or exceeds the standards described in subsection (a); and (II) resubmit the initial
      certification or recer- tification. (ii) DENIAL.—If, after a State payment stablecoin regulator
      resubmits an initial certification or recertifi- cation under clause (i), the Stablecoin Certification
      Review Committee again determines that the initial certification or recertification shall result
      in a denial, the Stablecoin Certification Review Committee shall, Determination. Deadline. Deadline.
      Denial. Approval. Determination. Deadline. VerDate Sep 11 2014 23:57 Aug 06, 2025 Jkt 059139 PO
      00027 Frm 00017 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL027.119 PUBL027 kcroghan on LAP5R21GR3PROD with
      PUBLAWS 139 STAT. 436 PUBLIC LAW 119–27—JULY 18, 2025 not later than 30 days after such determination,
      pro- vide the State payment stablecoin regulator with a written explanation for the determination.
      (D) APPEAL OF DENIAL.—A State payment stablecoin regulator in receipt of a denial under subparagraph
      (C)(ii) may appeal the denial to the United States Court of Appeals for the District of Columbia
      Circuit. (E) RIGHT TO RESUBMIT.—A State payment stablecoin regulator in receipt of a denial under
      this paragraph shall not be prohibited from resubmitting a new certification under paragraph (4).
      (6) LIST.—The Secretary of the Treasury shall publish and maintain in the Federal Register and on
      the website of the Department of the Treasury a list of States that have submitted initial certifications
      and recertifications under paragraph (4). (7) EXPEDITED CERTIFICATIONS OF EXISTING REGULATORY REGIMES.—The
      Stablecoin Certification Review Committee shall take all necessary steps to endeavor that, with
      respect to a State that, within 180 days of the date of enactment of this Act, has in effect a prudential
      regulatory regime (including regulations and guidance) for the supervision of digital assets or
      payment stablecoins, the certification process under this paragraph with respect to that regime
      occurs on an expedited timeline after the effective date of this Act.
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-d
  canonical_id: genius-act-stablecoin-d
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(d): (d) TRANSITION TO FEDERAL OVERSIGHT.— (1) DEPOSITORY INSTITUTION.—A State chartered
    depository institution that is a State qualified payment stablecoin issuer with a payment stablecoin
    with a consolidated total outstanding issuance of more than $10,000,000,000 shall— (A) not later than
    360 days afte…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: '(d) TRANSITION TO FEDERAL OVERSIGHT.— (1) DEPOSITORY INSTITUTION.—A State chartered
      depository institution that is a State qualified payment stablecoin issuer with a payment stablecoin
      with a consolidated total outstanding issuance of more than $10,000,000,000 shall— (A) not later
      than 360 days after the payment stablecoin reaches such threshold, transition to the Federal regulatory
      framework of the primary Federal payment stablecoin regulator of the State chartered depository
      institution, which shall be administered by the State pay- ment stablecoin regulator of the State
      chartered depository institution and the primary Federal payment stablecoin regulator acting jointly;
      or (B) beginning on the date the payment stablecoin reaches such threshold, cease issuing new payment
      stablecoins until the payment stablecoin is under the $10,000,000,000 consolidated total outstanding
      issuance threshold. (2) OTHER INSTITUTIONS.—A State qualified payment stablecoin issuer not described
      in paragraph (1) with a payment stablecoin with a consolidated total outstanding issuance of more
      than $10,000,000,000 shall— (A) not later than 360 days after the payment stablecoin reaches such
      threshold, transition to the Federal regulatory framework under subsection (a) administered by the
      relevant State payment stablecoin regulator and the Comptroller, acting in coordination; or (B)
      beginning on the date the payment stablecoin reaches such threshold, cease issuing new payment stablecoins
      until the payment stablecoin is under the $10,000,000,000 consolidated total outstanding issuance
      threshold. (3) WAIVER.— Deadlines. Effective dates. Deadline. Guidance. Timeline. Federal Register,
      publication. Web posting. VerDate Sep 11 2014 23:57 Aug 06, 2025 Jkt 059139 PO 00027 Frm 00018 Fmt
      6580 Sfmt 6581 E:\PUBLAW\PUBL027.119 PUBL027 kcroghan on LAP5R21GR3PROD with PUBLAWS 139 STAT. 437
      PUBLIC LAW 119–27—JULY 18, 2025 (A) IN GENERAL.—Notwithstanding paragraphs (1) and (2), the applicable
      primary Federal payment stablecoin regulator may permit a State qualified payment stablecoin issuer
      with a payment stablecoin with a consolidated total outstanding issuance of more than $10,000,000,000
      to remain solely supervised by a State payment stablecoin regulator. (B) CRITERIA FOR WAIVER.—The
      primary Federal pay- ment stablecoin regulator shall consider the following exclusive criteria in
      determining whether to issue a waiver under this paragraph:'
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-i
  canonical_id: genius-act-stablecoin-i
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(i): (i) The capital maintained by the State qualified payment stablecoin issuer. (ii)
    The past operations and examination history of the State qualified payment stablecoin issuer. (iii)
    The experience of the State payment stablecoin regulator in supervising payment stablecoin and digital
    asset activitie…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (i) The capital maintained by the State qualified payment stablecoin issuer. (ii)
      The past operations and examination history of the State qualified payment stablecoin issuer. (iii)
      The experience of the State payment stablecoin regulator in supervising payment stablecoin and digital
      asset activities. (iv) The supervisory framework, including regula- tions and guidance, of the State
      qualified payment stablecoin issuer with respect to payment stablecoins and digital assets. (C)
      RULE OF CONSTRUCTION.—
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-i
  canonical_id: genius-act-stablecoin-i
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(i): (i) FEDERAL OVERSIGHT.—A State qualified pay- ment stablecoin issuer subject to Federal
    oversight under paragraph (1) or (2) of this subsection that does not receive a waiver under this
    paragraph shall con- tinue to be supervised by the State payment stablecoin regulator of the State
    qualified payme…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (i) FEDERAL OVERSIGHT.—A State qualified pay- ment stablecoin issuer subject to Federal
      oversight under paragraph (1) or (2) of this subsection that does not receive a waiver under this
      paragraph shall con- tinue to be supervised by the State payment stablecoin regulator of the State
      qualified payment stablecoin issuer jointly with the primary Federal payment stablecoin regulator.
      Nothing in this subsection shall require the State qualified payment stablecoin issuer to convert
      to a Federal charter. (ii) STATE OVERSIGHT.—A State qualified payment stablecoin issuer supervised
      by a State payment stablecoin regulator that has established a prudential regulatory regime (including
      regulations and guidance) for the supervision of digital assets or payment stablecoins before the
      90-day period ending on the date of enactment of this Act that has been certified pursuant to subsection
      (c) and has approved 1 or more issuers to issue payment stablecoins under the super- vision of such
      State payment stablecoin regulator, shall be presumptively approved for a waiver under this paragraph,
      unless the Federal payment stablecoin regulator finds, by clear and convincing evidence, that the
      requirements of subparagraph (B) are not substan- tially met with respect to that issuer or that
      the issuer poses significant safety and soundness risks to the financial system of the United States.
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-e
  canonical_id: genius-act-stablecoin-e
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(e): (e) MISREPRESENTATION OF INSURED STATUS.— (1) IN GENERAL.—Payment stablecoins shall
    not be backed by the full faith and credit of the United States, guaranteed by the United States Government,
    subject to deposit insurance by the Federal Deposit Insurance Corporation, or subject to share insurance
    by…'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (e) MISREPRESENTATION OF INSURED STATUS.— (1) IN GENERAL.—Payment stablecoins shall
      not be backed by the full faith and credit of the United States, guaranteed by the United States
      Government, subject to deposit insurance by the Federal Deposit Insurance Corporation, or subject
      to share insurance by the National Credit Union Administration. (2) MISREPRESENTATION OF INSURED
      STATUS.— Guidance. Time period. Approval. Determination. VerDate Sep 11 2014 23:57 Aug 06, 2025
      Jkt 059139 PO 00027 Frm 00019 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL027.119 PUBL027 kcroghan on LAP5R21GR3PROD
      with PUBLAWS 139 STAT. 438 PUBLIC LAW 119–27—JULY 18, 2025 (A) IN GENERAL.—It shall be unlawful
      to represent that payment stablecoins are backed by the full faith and credit of the United States,
      guaranteed by the United States Government, or subject to Federal deposit insurance or Federal share
      insurance. (B) PENALTY.—A violation of subparagraph (A) shall be considered a violation of section
      18(a)(4) of the Federal Deposit Insurance Act (12 U.S.C. 1828(a)(4)) or section 709 of title 18,
      United States Code, as applicable. (3) MARKETING.— (A) IN GENERAL.—It shall be unlawful to market
      a product in the United States as a payment stablecoin unless the product is issued pursuant to
      this Act. (B) PENALTY.—Whoever knowingly and willfully participates in a violation of subparagraph
      (A) shall be fined by the Department of the Treasury not more than $500,000 for each such violation.
      (C) DETERMINATION OF THE NUMBER OF VIOLATIONS.— For purposes of determining the number of violations
      for which to impose penalties under subparagraph (B), sepa- rate acts of noncompliance are a single
      violation when the acts are the result of—
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-i
  canonical_id: genius-act-stablecoin-i
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(i): (i) a common or substantially overlapping origi- nating cause; or (ii) the same statement
    or publication. (D) REFERRAL TO SECRETARY OF THE TREASURY.—If a Federal payment stablecoin regulator
    has reason to believe that any person has knowingly and willfully vio- lated subparagraph (A), the
    Federal pa…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (i) a common or substantially overlapping origi- nating cause; or (ii) the same statement
      or publication. (D) REFERRAL TO SECRETARY OF THE TREASURY.—If a Federal payment stablecoin regulator
      has reason to believe that any person has knowingly and willfully vio- lated subparagraph (A), the
      Federal payment stablecoin regulator shall refer the matter to the Secretary of the Treasury.
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-f
  canonical_id: genius-act-stablecoin-f
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(f): (f) OFFICERS OR DIRECTORS CONVICTED OF CERTAIN FELONIES.— (1) IN GENERAL.—No individual
    who has been convicted of a felony offense involving insider trading, embezzlement, cybercrime, money
    laundering, financing of terrorism, or finan- cial fraud may serve as— (A) an officer of a payment
    stablecoin …'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (f) OFFICERS OR DIRECTORS CONVICTED OF CERTAIN FELONIES.— (1) IN GENERAL.—No individual
      who has been convicted of a felony offense involving insider trading, embezzlement, cybercrime,
      money laundering, financing of terrorism, or finan- cial fraud may serve as— (A) an officer of a
      payment stablecoin issuer; or (B) a director of a payment stablecoin issuer. (2) PENALTY.— (A) IN
      GENERAL.—Whoever knowingly participates in a violation of paragraph (1) shall be fined not more
      than $1,000,000 for each such violation, imprisoned for not more than 5 years, or both. (B) REFERRAL
      TO ATTORNEY GENERAL.—If a Federal payment stablecoin regulator has reason to believe that any person
      has knowingly violated paragraph (1), the Fed- eral payment stablecoin regulator shall refer the
      matter to the Attorney General.
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-g
  canonical_id: genius-act-stablecoin-g
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(g): (g) CLARIFICATION RELATING TO FEDERAL SAVINGS ASSOCIATION RESERVES.—A Federal savings
    association established under the Home Owners’ Loan Act (12 U.S.C. 1461 et seq.) that holds a reserve
    that satisfies the requirements of section 4(a)(1) shall not be required to satisfy the qualified
    thrift lender …'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (g) CLARIFICATION RELATING TO FEDERAL SAVINGS ASSOCIATION RESERVES.—A Federal savings
      association established under the Home Owners’ Loan Act (12 U.S.C. 1461 et seq.) that holds a reserve
      that satisfies the requirements of section 4(a)(1) shall not be required to satisfy the qualified
      thrift lender test under section 10(m) of the Home Owners’ Loan Act (12 U.S.C. 1467a(m)) with respect
      to such reserve assets.
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-h
  canonical_id: genius-act-stablecoin-h
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(h): (h) RULEMAKING.— VerDate Sep 11 2014 23:57 Aug 06, 2025 Jkt 059139 PO 00027 Frm 00020
    Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL027.119 PUBL027 kcroghan on LAP5R21GR3PROD with PUBLAWS 139 STAT.
    439 PUBLIC LAW 119–27—JULY 18, 2025 (1) IN GENERAL.—Consistent with section 13, the primary Federal
    payment stablec…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (h) RULEMAKING.— VerDate Sep 11 2014 23:57 Aug 06, 2025 Jkt 059139 PO 00027 Frm 00020
      Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL027.119 PUBL027 kcroghan on LAP5R21GR3PROD with PUBLAWS 139 STAT.
      439 PUBLIC LAW 119–27—JULY 18, 2025 (1) IN GENERAL.—Consistent with section 13, the primary Federal
      payment stablecoin regulators shall, and State payment stablecoin regulators may, issue such regulations
      relating to permitted payment stablecoin issuers as may be necessary to establish a payment stablecoin
      regulatory framework necessary to administer and carry out the requirements of this section, including
      to establish conditions, and to prevent evasion thereof. (2) COORDINATED ISSUANCE OF REGULATIONS.—All
      regula- tions issued to carry out this section shall be issued in coordina- tion by the primary
      Federal payment stablecoin regulators, if not issued by a State payment stablecoin regulator.
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-i
  canonical_id: genius-act-stablecoin-i
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(i): (i) RULES OF CONSTRUCTION.—Nothing in this Act shall be construed— (1) as expanding
    the authority of the Board with respect to the services the Board can make directly available to the
    public; or (2) to limit or prevent the continued application of applicable ethics statutes and regulations
    administ…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (i) RULES OF CONSTRUCTION.—Nothing in this Act shall be construed— (1) as expanding
      the authority of the Board with respect to the services the Board can make directly available to
      the public; or (2) to limit or prevent the continued application of applicable ethics statutes and
      regulations administered by the Office of Government Ethics, or the ethics rules of the Senate and
      the House of Representatives, including section 208 of title 18, United States Code, and sections
      2635.702 and 2635.802 of title 5, Code of Federal Regulations. For the avoid- ance of doubt, existing
      Office of Government Ethics laws and the ethics rules of the Senate and the House of Representatives
      prohibit any member of Congress or senior executive branch official from issuing a payment stablecoin
      during their time in public service. For the purposes of this paragraph, an employee described in
      section 202 of title 18, United States Code, shall be deemed an executive branch employee for pur-
      poses of complying with section 208 of that title. SEC. 5. APPROVAL OF SUBSIDIARIES OF INSURED DEPOSITORY
      INSTITUTIONS AND FEDERAL QUALIFIED PAYMENT STABLECOIN ISSUERS.
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-a
  canonical_id: genius-act-stablecoin-a
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(a): (a) APPLICATION.— (1) IN GENERAL.—Each primary Federal payment stablecoin regulator
    shall— (A) receive, review, and consider for approval applica- tions from any insured depository institution
    that seeks to issue payment stablecoins through a subsidiary and any nonbank entity, Federal branch,
    or uni…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (a) APPLICATION.— (1) IN GENERAL.—Each primary Federal payment stablecoin regulator
      shall— (A) receive, review, and consider for approval applica- tions from any insured depository
      institution that seeks to issue payment stablecoins through a subsidiary and any nonbank entity,
      Federal branch, or uninsured national bank that is chartered by the Comptroller pursuant to title
      LXII of the Revised Statutes, and that seeks to issue payment stablecoins as a Federal qualified
      payment stablecoin issuer; and (B) establish a process and framework for the licensing, regulation,
      examination, and supervision of such entities that prioritizes the safety and soundness of such
      entities. (2) AUTHORITY TO ISSUE REGULATIONS AND PROCESS APPLICATIONS.—The primary Federal payment
      stablecoin regu- lators shall, before the date described in section 13— (A) issue regulations consistent
      with that section to carry out this section; and (B) pursuant to the regulations described in subpara-
      graph (A), accept and process applications described in paragraph (1). Deadline. Process. Review.
      12 USC 5904. VerDate Sep 11 2014 23:57 Aug 06, 2025 Jkt 059139 PO 00027 Frm 00021 Fmt 6580 Sfmt
      6581 E:\PUBLAW\PUBL027.119 PUBL027 kcroghan on LAP5R21GR3PROD with PUBLAWS 139 STAT. 440 PUBLIC
      LAW 119–27—JULY 18, 2025 (3) MANDATORY APPROVAL PROCESS.—A primary Federal payment stablecoin regulator
      shall, upon receipt of a substan- tially complete application received under paragraph (1), evaluate
      and make a determination on each application based on the criteria established under this Act.
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-b
  canonical_id: genius-act-stablecoin-b
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(b): (b) EVALUATION OF APPLICATIONS.—A substantially complete application received under
    subsection (a) shall be evaluated by the primary Federal payment stablecoin regulator using the factors
    described in subsection (c).'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (b) EVALUATION OF APPLICATIONS.—A substantially complete application received under
      subsection (a) shall be evaluated by the primary Federal payment stablecoin regulator using the
      factors described in subsection (c).
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-c
  canonical_id: genius-act-stablecoin-c
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(c): (c) FACTORS TO BE CONSIDERED.—The factors described in this subsection are the following:
    (1) The ability of the applicant (or, in the case of an applicant that is an insured depository institution,
    the sub- sidiary of the applicant), based on financial condition and resources, to meet the requireme…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: '(c) FACTORS TO BE CONSIDERED.—The factors described in this subsection are the following:
      (1) The ability of the applicant (or, in the case of an applicant that is an insured depository
      institution, the sub- sidiary of the applicant), based on financial condition and resources, to
      meet the requirements set forth under section 4. (2) Whether an individual who has been convicted
      of a felony offense involving insider trading, embezzlement, cybercrime, money laundering, financing
      of terrorism, or finan- cial fraud is serving as an officer or director of the applicant. (3) The
      competence, experience, and integrity of the officers, directors, and principal shareholders of
      the applicant, its subsidiaries, and parent company, including— (A) the record of those officers,
      directors, and principal shareholders of compliance with laws and regulations; and (B) the ability
      of those officers, directors, and principal shareholders to fulfill any commitments to, and any
      condi- tions imposed by, their primary Federal payment stablecoin regulator in connection with the
      application at issue and any prior applications. (4) Whether the redemption policy of the applicant
      meets the standards under section 4(a)(1)(B). (5) Any other factors established by the primary Federal
      payment stablecoin regulator that are necessary to ensure the safety and soundness of the permitted
      payment stablecoin issuer.'
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-d
  canonical_id: genius-act-stablecoin-d
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(d): (d) TIMING FOR DECISION; GROUNDS FOR DENIAL.— (1) TIMING FOR DECISIONS ON APPLICATIONS.—
    (A) IN GENERAL.—Not later than 120 days after receiving a substantially complete application under
    sub- section (a), a primary Federal payment stablecoin regulator shall render a decision on the application.
    (B)…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (d) TIMING FOR DECISION; GROUNDS FOR DENIAL.— (1) TIMING FOR DECISIONS ON APPLICATIONS.—
      (A) IN GENERAL.—Not later than 120 days after receiving a substantially complete application under
      sub- section (a), a primary Federal payment stablecoin regulator shall render a decision on the
      application. (B) SUBSTANTIALLY COMPLETE.—
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-i
  canonical_id: genius-act-stablecoin-i
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(i): (i) IN GENERAL.—For purposes of subparagraph (A), an application shall be considered
    substantially com- plete if the application contains sufficient information for the primary Federal
    payment stablecoin regulator to render a decision on whether the applicant satisfies the factors described
    in subse…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (i) IN GENERAL.—For purposes of subparagraph (A), an application shall be considered
      substantially com- plete if the application contains sufficient information for the primary Federal
      payment stablecoin regulator to render a decision on whether the applicant satisfies the factors
      described in subsection (c). (ii) NOTIFICATION.—Not later than 30 days after receiving an application
      under subsection (a), a pri- mary Federal payment stablecoin regulator shall notify the applicant
      as to whether the primary Federal pay- ment stablecoin regulator considers the application to be
      substantially complete and, if the application is not substantially complete, the additional information
      Deadlines. Determination. VerDate Sep 11 2014 23:57 Aug 06, 2025 Jkt 059139 PO 00027 Frm 00022 Fmt
      6580 Sfmt 6581 E:\PUBLAW\PUBL027.119 PUBL027 kcroghan on LAP5R21GR3PROD with PUBLAWS 139 STAT. 441
      PUBLIC LAW 119–27—JULY 18, 2025 the applicant shall provide in order for the application to be considered
      substantially complete. (iii) MATERIAL CHANGE IN CIRCUMSTANCES.—An application considered substantially
      complete under this subparagraph remains substantially complete unless there is a material change
      in circumstances that requires the primary Federal payment stablecoin regulator to treat the application
      as a new application. (2) DENIAL OF APPLICATION.— (A) GROUNDS FOR DENIAL.—
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-i
  canonical_id: genius-act-stablecoin-i
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(i): (i) IN GENERAL.—A primary Federal payment stablecoin regulator shall only deny a
    substantially complete application received under subsection (a) if the regulator determines that
    the activities of the applicant would be unsafe or unsound based on the factors described in subsection
    (c). (ii) ISSUANC…'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (i) IN GENERAL.—A primary Federal payment stablecoin regulator shall only deny a
      substantially complete application received under subsection (a) if the regulator determines that
      the activities of the applicant would be unsafe or unsound based on the factors described in subsection
      (c). (ii) ISSUANCE ON OPEN, PUBLIC, OR DECENTRALIZED NETWORK NOT GROUND FOR DENIAL.—The issuance
      of a payment stablecoin on an open, public, or decentral- ized network shall not be a valid ground
      for denial of an application received under subsection (a). (B) EXPLANATION REQUIRED.—If a primary
      Federal pay- ment stablecoin regulator denies a complete application received under subsection (a),
      not later than 30 days after the date of such denial, the regulator shall provide the applicant
      with written notice explaining the denial with specificity, including all findings made by the regulator
      with respect to all identified material shortcomings in the application, including actionable recommendations
      on how the applicant could address the identified material short- comings. (C) OPPORTUNITY FOR HEARING;
      FINAL DETERMINA- TION.—
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-i
  canonical_id: genius-act-stablecoin-i
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(i): (i) IN GENERAL.—Not later than 30 days after the date of receipt of any notice of
    the denial of an applica- tion under this section, the applicant may request, in writing, an opportunity
    for a written or oral hearing before the primary Federal payment stablecoin regu- lator to appeal
    the denial. (ii…'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (i) IN GENERAL.—Not later than 30 days after the date of receipt of any notice of
      the denial of an applica- tion under this section, the applicant may request, in writing, an opportunity
      for a written or oral hearing before the primary Federal payment stablecoin regu- lator to appeal
      the denial. (ii) TIMING.—Upon receipt of a timely request under clause (i), the primary Federal
      payment stablecoin regulator shall notice a time (not later than 30 days after the date of receipt
      of the request) and place at which the applicant may appear, personally or through counsel, to submit
      written materials or provide oral testimony and oral argument. (iii) FINAL DETERMINATION.—Not later
      than 60 days after the date of a hearing under this subpara- graph, the applicable primary Federal
      payment stablecoin regulator shall notify the applicant of a final determination, which shall contain
      a statement of the basis for that determination, with specific findings. (iv) NOTICE IF NO HEARING.—If
      an applicant does not make a timely request for a hearing under this subparagraph, the primary Federal
      payment stablecoin regulator shall notify the applicant, not later than 10 days after the date by
      which the applicant may Notification. Statement. Notice. Recommenda- tions. Determination. VerDate
      Sep 11 2014 23:57 Aug 06, 2025 Jkt 059139 PO 00027 Frm 00023 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL027.119
      PUBL027 kcroghan on LAP5R21GR3PROD with PUBLAWS 139 STAT. 442 PUBLIC LAW 119–27—JULY 18, 2025 request
      a hearing under this subparagraph, in writing, that the denial of the application is a final determina-
      tion of the primary Federal payment stablecoin regu- lator. (3) FAILURE TO RENDER A DECISION.—If
      a primary Federal payment stablecoin regulator fails to render a decision on a complete application
      within the time period specified in para- graph (1), the application shall be deemed approved. (4)
      RIGHT TO REAPPLY.—The denial of an application under this section shall not prohibit the applicant
      from filing a subse- quent application.
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-e
  canonical_id: genius-act-stablecoin-e
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(e): (e) REPORTS ON PENDING APPLICATIONS.—Each primary Federal payment stablecoin regulator
    shall— (1) notify Congress upon beginning to process applications under this Act; and (2) annually
    report to Congress on the applications that have been pending for 180 days or more since the date
    the initial appl…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (e) REPORTS ON PENDING APPLICATIONS.—Each primary Federal payment stablecoin regulator
      shall— (1) notify Congress upon beginning to process applications under this Act; and (2) annually
      report to Congress on the applications that have been pending for 180 days or more since the date
      the initial application was filed and for which the applicant has been informed that the application
      remains incomplete, including documentation on the status of such applications and why such applications
      have not yet been approved.
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-f
  canonical_id: genius-act-stablecoin-f
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(f): (f) SAFE HARBOR FOR PENDING APPLICATIONS.—The primary Federal payment stablecoin
    regulators may waive the application of the requirements of this Act for a period not to exceed 12
    months beginning on the effective date of this Act, with respect to— (1) a subsidiary of an insured
    depository instituti…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (f) SAFE HARBOR FOR PENDING APPLICATIONS.—The primary Federal payment stablecoin
      regulators may waive the application of the requirements of this Act for a period not to exceed
      12 months beginning on the effective date of this Act, with respect to— (1) a subsidiary of an insured
      depository institution, if the insured depository institution has an application pending for the
      subsidiary to become a permitted payment stablecoin issuer on that effective date; or (2) a Federal
      qualified payment stablecoin issuer with a pending application on that effective date.
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-g
  canonical_id: genius-act-stablecoin-g
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(g): (g) RULEMAKING.—Consistent with section 13, the primary Fed- eral payment stablecoin
    regulators shall issue rules necessary for the regulation of the issuance of payment stablecoins,
    but may not impose requirements in addition to the requirements specified under section 4.'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (g) RULEMAKING.—Consistent with section 13, the primary Fed- eral payment stablecoin
      regulators shall issue rules necessary for the regulation of the issuance of payment stablecoins,
      but may not impose requirements in addition to the requirements specified under section 4.
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-h
  canonical_id: genius-act-stablecoin-h
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(h): (h) RELATION TO OTHER LICENSING REQUIREMENTS.—The provi- sions of this section supersede
    and preempt any State requirement for a charter, license, or other authorization to do business with
    respect to a Federal qualified payment stablecoin issuer or sub- sidiary of an insured depository
    institution …'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (h) RELATION TO OTHER LICENSING REQUIREMENTS.—The provi- sions of this section supersede
      and preempt any State requirement for a charter, license, or other authorization to do business
      with respect to a Federal qualified payment stablecoin issuer or sub- sidiary of an insured depository
      institution or credit union that is approved under this section to be a permitted payment stablecoin
      issuer. Nothing in this subsection shall preempt or supersede the authority of a State to charter,
      license, supervise, or regulate an insured depository institution or credit union chartered in such
      State or to supervise a subsidiary of such insured depository institu- tion or credit union that
      is approved under this section to be a permitted payment stablecoin issuer.
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-i
  canonical_id: genius-act-stablecoin-i
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(i): (i) CERTIFICATION REQUIRED.— (1) IN GENERAL.—Not later than 180 days after the approval
    of an application, and on an annual basis thereafter, each permitted payment stablecoin issuer shall
    submit to its primary Federal payment stablecoin regulator, or in the case of a State qualified payment
    stablec…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (i) CERTIFICATION REQUIRED.— (1) IN GENERAL.—Not later than 180 days after the approval
      of an application, and on an annual basis thereafter, each permitted payment stablecoin issuer shall
      submit to its primary Federal payment stablecoin regulator, or in the case of a State qualified
      payment stablecoin issuer its State payment Deadline. Time period. Waiver authority. Time period.
      Effective date. VerDate Sep 11 2014 23:57 Aug 06, 2025 Jkt 059139 PO 00027 Frm 00024 Fmt 6580 Sfmt
      6581 E:\PUBLAW\PUBL027.119 PUBL027 kcroghan on LAP5R21GR3PROD with PUBLAWS 139 STAT. 443 PUBLIC
      LAW 119–27—JULY 18, 2025 stablecoin regulator, a certification that the issuer has imple- mented
      anti-money laundering and economic sanctions compli- ance programs that are reasonably designed
      to prevent the permitted payment stablecoin issuer from facilitating money laundering, in particular,
      facilitating money laundering for car- tels and organizations designated as foreign terrorist organiza-
      tions under section 219 of the Immigration and Nationality Act (8 U.S.C. 1189) and the financing
      of terrorist activities, consistent with the requirements of this Act. (2) AVAILABILITY OF CERTIFICATIONS.—Federal
      payment stablecoin regulators and State payment stablecoin regulators shall make certifications
      described in paragraph (1) available to the Secretary of Treasury upon request. (3) PENALTIES.—
      (A) APPROVAL REVOCATION.—The primary Federal pay- ment stablecoin regulator or State payment stablecoin
      regu- lator of a permitted payment stablecoin issuer that does not submit a certification pursuant
      to paragraph (1) may revoke the approval of the payment stablecoin issuer under this section. (B)
      CRIMINAL PENALTY.—
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-i
  canonical_id: genius-act-stablecoin-i
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(i): (i) IN GENERAL.—Any person that knowingly sub- mits a certification pursuant to paragraph
    (1) that is false shall be subject to the criminal penalties set forth under section 1001 of title
    18, United States Code. (ii) REFERRAL TO ATTORNEY GENERAL.—If a Federal payment stablecoin regulator
    or State p…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (i) IN GENERAL.—Any person that knowingly sub- mits a certification pursuant to paragraph
      (1) that is false shall be subject to the criminal penalties set forth under section 1001 of title
      18, United States Code. (ii) REFERRAL TO ATTORNEY GENERAL.—If a Federal payment stablecoin regulator
      or State payment stablecoin regulator has reason to believe that any person has knowingly violated
      paragraph (1), the applicable regulator may refer the matter to the Attorney General or to the attorney
      general of the payment stablecoin issuer’s host State. SEC. 6. SUPERVISION AND ENFORCEMENT WITH
      RESPECT TO FED- ERAL QUALIFIED PAYMENT STABLECOIN ISSUERS AND SUBSIDIARIES OF INSURED DEPOSITORY
      INSTITUTIONS.
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-a
  canonical_id: genius-act-stablecoin-a
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(a): (a) SUPERVISION.— (1) IN GENERAL.—Each permitted payment stablecoin issuer that is
    not a State qualified payment stablecoin issuer with a payment stablecoin with a consolidated total
    outstanding issuance of less than $10,000,000,000 shall be subject to super- vision by the appropriate
    primary Federa…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (a) SUPERVISION.— (1) IN GENERAL.—Each permitted payment stablecoin issuer that is
      not a State qualified payment stablecoin issuer with a payment stablecoin with a consolidated total
      outstanding issuance of less than $10,000,000,000 shall be subject to super- vision by the appropriate
      primary Federal payment stablecoin regulator. (2) SUBMISSION OF REPORTS.—Each permitted payment
      stablecoin issuer described in paragraph (1) shall, upon request, submit to the appropriate primary
      Federal payment stablecoin regulator a report on— (A) the financial condition of the permitted payment
      stablecoin issuer; (B) the systems of the permitted payment stablecoin issuer for monitoring and
      controlling financial and oper- ating risks; (C) compliance by the permitted payment stablecoin
      issuer (and any subsidiary thereof) with this Act; and (D) the compliance of the Federal qualified
      nonbank payment stablecoin issuer with the requirements of the 12 USC 5905. VerDate Sep 11 2014
      23:57 Aug 06, 2025 Jkt 059139 PO 00027 Frm 00025 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL027.119 PUBL027
      kcroghan on LAP5R21GR3PROD with PUBLAWS 139 STAT. 444 PUBLIC LAW 119–27—JULY 18, 2025 Bank Secrecy
      Act and with laws authorizing the imposition of sanctions and implemented by the Secretary of the
      Treasury. (3) EXAMINATIONS.—The appropriate primary Federal pay- ment stablecoin regulator shall
      examine a permitted payment stablecoin issuer described in paragraph (1) in order to assess— (A)
      the nature of the operations and financial condition of the permitted payment stablecoin issuer;
      (B) the financial, operational, technological, and other risks associated within the permitted payment
      stablecoin issuer that may pose a threat to—
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-i
  canonical_id: genius-act-stablecoin-i
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(i): (i) the safety and soundness of the permitted pay- ment stablecoin issuer; or (ii)
    the stability of the financial system of the United States; and (C) the systems of the permitted payment
    stablecoin issuer for monitoring and controlling the risks described in subparagraph (B). (4) REQUIREMENTS
    FOR E…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (i) the safety and soundness of the permitted pay- ment stablecoin issuer; or (ii)
      the stability of the financial system of the United States; and (C) the systems of the permitted
      payment stablecoin issuer for monitoring and controlling the risks described in subparagraph (B).
      (4) REQUIREMENTS FOR EFFICIENCY.— (A) USE OF EXISTING REPORTS.—In supervising and examining a permitted
      payment stablecoin issuer under this subsection, a primary Federal payment stablecoin regulator
      shall, to the fullest extent possible, use existing reports and other supervisory information. (B)
      AVOIDANCE OF DUPLICATION.—A primary Federal payment stablecoin regulator shall, to the fullest extent
      possible, avoid duplication of examination activities, reporting requirements, and requests for
      information in carrying out this subsection with respect to a permitted payment stablecoin issuer.
      (C) CONSIDERATION OF BURDEN.—A primary Federal payment stablecoin regulator shall, with respect
      to any examination or request for the submission of a report under this subsection, only request
      examinations and reports at a cadence and in a format that is similar to that required for similarly
      situated entities regulated by the primary Federal payment stablecoin regulator.
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-b
  canonical_id: genius-act-stablecoin-b
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(b): (b) ENFORCEMENT.— (1) SUSPENSION OR REVOCATION OF REGISTRATION.—The pri- mary Federal
    payment stablecoin regulator of a permitted pay- ment stablecoin issuer that is not a State qualified
    payment stablecoin issuer with a payment stablecoin with a consolidated total outstanding issuance
    of less than …'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: '(b) ENFORCEMENT.— (1) SUSPENSION OR REVOCATION OF REGISTRATION.—The pri- mary Federal
      payment stablecoin regulator of a permitted pay- ment stablecoin issuer that is not a State qualified
      payment stablecoin issuer with a payment stablecoin with a consolidated total outstanding issuance
      of less than $10,000,000,000 may prohibit the permitted payment stablecoin issuer from issuing payment
      stablecoins, if the primary Federal payment stablecoin regulator determines that such permitted
      payment stablecoin issuer, or an institution-affiliated party of the permitted pay- ment stablecoin
      issuer is willfully or recklessly violating or has willfully or recklessly violated— (A) this Act
      or any regulation or order issued under this Act; or (B) any condition imposed in writing by the
      primary Federal payment stablecoin regulator in connection with a written agreement entered into
      between the permitted payment stablecoin issuer and the primary Federal pay- ment stablecoin regulator.
      Determinations. Assessments. VerDate Sep 11 2014 23:57 Aug 06, 2025 Jkt 059139 PO 00027 Frm 00026
      Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL027.119 PUBL027 kcroghan on LAP5R21GR3PROD with PUBLAWS 139 STAT.
      445 PUBLIC LAW 119–27—JULY 18, 2025 (2) CEASE-AND-DESIST PROCEEDINGS.—If the primary Fed- eral payment
      stablecoin regulator of a permitted payment stablecoin issuer that is not a State qualified payment
      stablecoin issuer with a payment stablecoin with a consolidated total outstanding issuance of less
      than $10,000,000,000 has reasonable cause to believe that the permitted payment stablecoin issuer
      or any institution-affiliated party of the per- mitted payment stablecoin issuer is violating, has
      violated, or is attempting to violate this Act, any regulation or order issued under this Act, or
      any written agreement entered into with the primary Federal payment stablecoin regulator or condition
      imposed in writing by the primary Federal payment stablecoin regulator in connection with any application
      or other request, the primary Federal payment stablecoin regulator may, by provisions that are mandatory
      or otherwise, order the per- mitted payment stablecoin issuer or institution-affiliated party of
      the permitted payment stablecoin issuer to— (A) cease and desist from such violation or practice;
      or (B) take affirmative action to correct the conditions resulting from any such violation or practice.
      (3) REMOVAL AND PROHIBITION AUTHORITY.—The primary Federal payment stablecoin regulator of a permitted
      payment stablecoin issuer that is not a State qualified payment stablecoin issuer may remove an
      institution-affiliated party of the permitted payment stablecoin issuer from the position or office
      of that institution-affiliated party or prohibit further participation in the affairs of the permitted
      payment stablecoin issuer or of all such permitted payment stablecoin issuers by that institution-affiliated
      party, if the primary Federal payment stablecoin regulator determines that— (A) the institution-affiliated
      party has knowingly com- mitted a violation or attempted violation of this Act or any regulation
      or order issued under this Act; or (B) the institution-affiliated party has knowingly com- mitted
      a violation of any provision of subchapter II of chapter 53 of title 31, United States Code. (4)
      PROCEDURES.— (A) IN GENERAL.—If a primary Federal payment stablecoin regulator identifies a violation
      or attempted vio- lation of this Act or makes a determination under para- graph (1), (2), or (3),
      the primary Federal payment stablecoin regulator shall comply with the procedures set forth in subsections
      (b) and (e) of section 8 of the Federal Deposit Insurance Act (12 U.S.C. 1818) or subsections (e)
      and (g) of section 206 the Federal Credit Union Act (12 U.S.C. 1786(e) and (g)), as applicable.
      (B) JUDICIAL REVIEW.—A person aggrieved by a final action under this subsection may obtain judicial
      review of such action exclusively as provided in section 8(h) of the Federal Deposit Insurance Act
      (12 U.S.C. 1818(h)) or section 206(j) of the Federal Credit Union Act (12 U.S.C. 1786(j)), as applicable.
      (C) INJUNCTION.—A primary Federal payment stablecoin regulator may, at the discretion of the regulator,
      follow the procedures provided in section 8(i)(1) of the Federal Deposit Insurance Act (12 U.S.C.
      1818(i)(1)) or Compliance. VerDate Sep 11 2014 23:57 Aug 06, 2025 Jkt 059139 PO 00027 Frm 00027
      Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL027.119 PUBL027 kcroghan on LAP5R21GR3PROD with PUBLAWS 139 STAT.
      446 PUBLIC LAW 119–27—JULY 18, 2025 section 206(k)(1) of the Federal Credit Union Act (12 U.S.C.
      1786(k)(1)), as applicable, for judicial enforcement of any effective and outstanding notice or
      order issued under this subsection. (D) TEMPORARY CEASE-AND-DESIST PROCEEDINGS.—If a primary Federal
      payment stablecoin regulator determines that a violation or attempted violation of this Act or an
      action with respect to which a determination was made under paragraph (1), (2), or (3), or the continuation
      thereof, is likely to cause insolvency or significant dissipation of assets or earnings of a permitted
      payment stablecoin issuer, or is likely to weaken the condition of the permitted pay- ment stablecoin
      issuer or otherwise prejudice the interests of the customers of the permitted payment stablecoin
      issuer prior to the completion of the proceedings conducted under this paragraph, the primary Federal
      payment stablecoin regulator may follow the procedures provided in section 8(c) of the Federal Deposit
      Insurance Act (12 U.S.C. 1818(c)) or section 206(f) of the Federal Credit Union Act (12 U.S.C. 1786(f)),
      as applicable, to issue a temporary cease and desist order. (5) CIVIL MONEY PENALTIES.—Unless otherwise
      specified in this Act, the civil money penalties for violations of this Act consist of the following:
      (A) FAILURE TO BE APPROVED.—Any person that issues a United States dollar-denominated payment stablecoin
      in violation of section 3, and any institution-affiliated party of such a person who knowingly participates
      in issuing such a payment stablecoin, shall be liable for a civil penalty of not more than $100,000
      for each day during which such payment stablecoins are issued. (B) FIRST TIER.—Except as provided
      in subparagraph (A), a permitted payment stablecoin issuer or institution- affiliated party of such
      permitted payment stablecoin issuer that materially violates this Act or any regulation or order
      issued under this Act, or that materially violates any condi- tion imposed in writing by the appropriate
      primary Federal payment stablecoin regulator in connection with a written agreement entered into
      between the permitted payment stablecoin issuer and that primary Federal payment stablecoin regulator,
      shall be liable for a civil penalty of not more than $100,000 for each day during which the violation
      continues. (C) SECOND TIER.—Except as provided in subparagraph (A), and in addition to the penalties
      described in subpara- graph (B), a permitted payment stablecoin issuer or institu- tion-affiliated
      party of such permitted payment stablecoin issuer who knowingly participates in a violation of any
      provision of this Act, or any regulation or order issued under this Act, shall be liable for a civil
      penalty of not more than an additional $100,000 for each day during which the violation continues.
      (D) PROCEDURE.—Any penalty imposed under this paragraph may be assessed and collected by the appro-
      priate primary Federal payment stablecoin regulator pursu- ant to the procedures set forth in section
      8(i)(2) of the Federal Deposit Insurance Act (12 U.S.C. 1818(i)(2)) or VerDate Sep 11 2014 23:57
      Aug 06, 2025 Jkt 059139 PO 00027 Frm 00028 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL027.119 PUBL027 kcroghan
      on LAP5R21GR3PROD with PUBLAWS 139 STAT. 447 PUBLIC LAW 119–27—JULY 18, 2025 section 206(k)(2) of
      the Federal Credit Union Act (12 U.S.C. 1786(k)(2)), as applicable. (E) NOTICE AND ORDERS AFTER
      SEPARATION FROM SERVICE.—The resignation, termination of employment or participation, or separation
      of an institution-affiliated party (including a separation caused by the closing of a permitted
      payment stablecoin issuer) shall not affect the jurisdiction and authority of a primary Federal
      payment stablecoin regulator to issue any notice or order and proceed under this subsection against
      any such party, if such notice or order is served before the end of the 6-year period beginning
      on the date on which such party ceased to be an institution- affiliated party with respect to such
      permitted payment stablecoin issuer. (6) NON-APPLICABILITY TO A STATE QUALIFIED PAYMENT STABLECOIN
      ISSUER.—Notwithstanding anything in this sub- section to the contrary, this subsection shall not
      apply to a State qualified payment stablecoin issuer.'
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-c
  canonical_id: genius-act-stablecoin-c
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(c): (c) RULE OF CONSTRUCTION.—Nothing in this Act may be con- strued to modify or otherwise
    affect any right or remedy under any Federal consumer financial law, including 12 U.S.C. 5515 and
    15 U.S.C. 41 et seq. SEC. 7. STATE QUALIFIED PAYMENT STABLECOIN ISSUERS.'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (c) RULE OF CONSTRUCTION.—Nothing in this Act may be con- strued to modify or otherwise
      affect any right or remedy under any Federal consumer financial law, including 12 U.S.C. 5515 and
      15 U.S.C. 41 et seq. SEC. 7. STATE QUALIFIED PAYMENT STABLECOIN ISSUERS.
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-a
  canonical_id: genius-act-stablecoin-a
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(a): (a) IN GENERAL.—A State payment stablecoin regulator shall have supervisory, examination,
    and enforcement authority over all State qualified payment stablecoin issuers of such State.'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (a) IN GENERAL.—A State payment stablecoin regulator shall have supervisory, examination,
      and enforcement authority over all State qualified payment stablecoin issuers of such State.
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-b
  canonical_id: genius-act-stablecoin-b
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(b): (b) AUTHORITY TO ENTER INTO AGREEMENTS WITH THE BOARD.—A State payment stablecoin
    regulator may enter into a memorandum of understanding with the Board, by mutual agree- ment, under
    which the Board may participate in the supervision, examination, and enforcement of this Act with
    respect to the State…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (b) AUTHORITY TO ENTER INTO AGREEMENTS WITH THE BOARD.—A State payment stablecoin
      regulator may enter into a memorandum of understanding with the Board, by mutual agree- ment, under
      which the Board may participate in the supervision, examination, and enforcement of this Act with
      respect to the State qualified payment stablecoin issuers of such State.
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-c
  canonical_id: genius-act-stablecoin-c
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(c): (c) SHARING OF INFORMATION.—A State payment stablecoin regulator and the Board shall
    share information on an ongoing basis with respect to a State qualified payment stablecoin issuer
    of such State, including a copy of the initial application and any accompanying documents.'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (c) SHARING OF INFORMATION.—A State payment stablecoin regulator and the Board shall
      share information on an ongoing basis with respect to a State qualified payment stablecoin issuer
      of such State, including a copy of the initial application and any accompanying documents.
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-d
  canonical_id: genius-act-stablecoin-d
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(d): (d) RULEMAKING.—A State payment stablecoin regulator may issue orders and rules under
    section 4 applicable to State qualified payment stablecoin issuers to the same extent as the primary
    Federal payment stablecoin regulators issue orders and rules under section 4 applicable to permitted
    payment stab…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (d) RULEMAKING.—A State payment stablecoin regulator may issue orders and rules under
      section 4 applicable to State qualified payment stablecoin issuers to the same extent as the primary
      Federal payment stablecoin regulators issue orders and rules under section 4 applicable to permitted
      payment stablecoin issuers that are not State qualified payment stablecoin issuers.
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-e
  canonical_id: genius-act-stablecoin-e
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(e): (e) ENFORCEMENT AUTHORITY IN UNUSUAL AND EXIGENT CIR- CUMSTANCES.— (1) BOARD.— (A)
    IN GENERAL.—Subject to subparagraph (C), under unusual and exigent circumstances that the Board deter-
    mines to exist, the Board may, after not less than 48 hours’ prior written notice to the applicable
    State payment …'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (e) ENFORCEMENT AUTHORITY IN UNUSUAL AND EXIGENT CIR- CUMSTANCES.— (1) BOARD.— (A)
      IN GENERAL.—Subject to subparagraph (C), under unusual and exigent circumstances that the Board
      deter- mines to exist, the Board may, after not less than 48 hours’ prior written notice to the
      applicable State payment stablecoin regulator, take an enforcement action against a State qualified
      payment stablecoin issuer or an institu- tion-affiliated party of such issuer for violations of
      this Act during such unusual and exigent circumstances. (B) RULEMAKING.—Consistent with section
      13, the Board shall issue rules to set forth the unusual and exigent Time period. Notice. Records.
      Memorandum. 12 USC 5906. Time period. VerDate Sep 11 2014 23:57 Aug 06, 2025 Jkt 059139 PO 00027
      Frm 00029 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL027.119 PUBL027 kcroghan on LAP5R21GR3PROD with PUBLAWS
      139 STAT. 448 PUBLIC LAW 119–27—JULY 18, 2025 circumstances in which the Board may act under this
      para- graph. (C) LIMITATIONS.—If, after unusual and exigent cir- cumstances are determined to exist
      pursuant to subpara- graph (A), the Board determines that there is reasonable cause to believe that
      the continuation by a State qualified payment stablecoin issuer of any activity constitutes a serious
      risk to the financial safety, soundness, or stability of the State qualified payment stablecoin
      issuer, the Board may impose such restrictions as the Board determines to be necessary to address
      such risk during such unusual and exigent circumstances, which may include limitations on redemptions
      of payment stablecoins, and which shall be issued in the form of a directive, with the effect of
      a cease and desist order that has become final, to the State qualified payment stablecoin issuer
      and any of its affiliates, limiting—
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-i
  canonical_id: genius-act-stablecoin-i
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(i): (i) transactions between the State qualified pay- ment stablecoin issuer, a holding
    company, and the subsidiaries or affiliates of either the State qualified payment stablecoin issuer
    or the holding company; and (ii) any activities of the State qualified payment stablecoin issuer that
    might create a…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (i) transactions between the State qualified pay- ment stablecoin issuer, a holding
      company, and the subsidiaries or affiliates of either the State qualified payment stablecoin issuer
      or the holding company; and (ii) any activities of the State qualified payment stablecoin issuer
      that might create a serious risk that the liabilities of a holding company and the affiliates of
      the holding company may be imposed on the State qualified payment stablecoin issuer. (D) REVIEW
      OF DIRECTIVE.—
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-i
  canonical_id: genius-act-stablecoin-i
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(i): (i) ADMINISTRATIVE REVIEW.— (I) IN GENERAL.—After a directive described in subparagraph
    (C) is issued, the applicable State qualified payment stablecoin issuer, or any institu- tion-affiliated
    party of the State qualified payment stablecoin issuer subject to the directive, may object and present
    to …'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (i) ADMINISTRATIVE REVIEW.— (I) IN GENERAL.—After a directive described in subparagraph
      (C) is issued, the applicable State qualified payment stablecoin issuer, or any institu- tion-affiliated
      party of the State qualified payment stablecoin issuer subject to the directive, may object and
      present to the Board, in writing, the reasons why the directive should be modified or rescinded.
      (II) AUTOMATIC LAPSE OF DIRECTIVE.—If, after 10 days after the receipt of a response described in
      subclause (I), the Board does not affirm, modify, or rescind the directive, the directive shall
      auto- matically lapse. (ii) JUDICIAL REVIEW.— (I) IN GENERAL.—If the Board affirms or modi- fies
      a directive pursuant to clause (i), any affected party may immediately thereafter petition the United
      States district court for the district in which the main office of the affected party is located,
      or in the United States District Court for the District of Columbia, to stay, modify, termi- nate,
      or set aside the directive. (II) RELIEF FOR EXTRAORDINARY CAUSE.—Upon a showing of extraordinary
      cause, an affected party may petition for relief under subclause (I) without first pursuing or exhausting
      the administrative remedies under clause (i). (2) COMPTROLLER.— Deadline. Determination. VerDate
      Sep 11 2014 23:57 Aug 06, 2025 Jkt 059139 PO 00027 Frm 00030 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL027.119
      PUBL027 kcroghan on LAP5R21GR3PROD with PUBLAWS 139 STAT. 449 PUBLIC LAW 119–27—JULY 18, 2025 (A)
      IN GENERAL.—Subject to subparagraph (C), under unusual and exigent circumstances determined to exist
      by the Comptroller, the Comptroller shall, after not less than 48 hours’ prior written notice to
      the applicable State payment stablecoin regulator, take an enforcement action against a State qualified
      payment stablecoin issuer that is a nonbank entity for violations of this Act. (B) RULEMAKING.—Consistent
      with section 13, the Comptroller shall issue rules to set forth the unusual and exigent circumstances
      in which the Comptroller may act under this paragraph. (C) LIMITATIONS.—If, after unusual and exigent
      cir- cumstances are determined to exist under subparagraph (A), the Comptroller determines that
      there is reasonable cause to believe that the continuation of any activity by a State qualified
      payment stablecoin issuer that is a nonbank entity constitutes a serious risk to the financial safety,
      soundness, or stability of the State qualified pay- ment stablecoin issuer that is a nonbank entity,
      the Comp- troller shall impose such restrictions as the Comptroller determines to be necessary to
      address such risk during such unusual and exigent circumstances, which may include limitations on
      redemption of payment stablecoins, and which shall be issued in the form of a directive, with the
      effect of a cease and desist order that has become final, to the State qualified payment stablecoin
      issuer that is a nonbank entity and any of its affiliates, limiting—
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-i
  canonical_id: genius-act-stablecoin-i
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(i): (i) transactions between the State qualified pay- ment stablecoin issuer, a holding
    company, and the subsidiaries or affiliates of either the State qualified payment stablecoin issuer
    or the holding company; and (ii) any activities of the State qualified payment stablecoin issuer that
    might create a…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (i) transactions between the State qualified pay- ment stablecoin issuer, a holding
      company, and the subsidiaries or affiliates of either the State qualified payment stablecoin issuer
      or the holding company; and (ii) any activities of the State qualified payment stablecoin issuer
      that might create a serious risk that the liabilities of a holding company and the affiliates of
      the holding company may be imposed on the State qualified payment stablecoin issuer. (D) REVIEW
      OF DIRECTIVE.—
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-i
  canonical_id: genius-act-stablecoin-i
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(i): (i) ADMINISTRATIVE REVIEW.— (I) IN GENERAL.—After a directive described in subparagraph
    (C) is issued, the applicable Fed- eral qualified payment stablecoin issuer, or any institution-affiliated
    party of the Federal qualified payment stablecoin issuer subject to the directive, may object and
    present…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (i) ADMINISTRATIVE REVIEW.— (I) IN GENERAL.—After a directive described in subparagraph
      (C) is issued, the applicable Fed- eral qualified payment stablecoin issuer, or any institution-affiliated
      party of the Federal qualified payment stablecoin issuer subject to the directive, may object and
      present to the Comptroller, in writing, the reasons that the directive should be modified or rescinded.
      (II) AUTOMATIC LAPSE OF DIRECTIVE.—If, after 10 days after the receipt of a response described in
      subclause (I), the Comptroller does not affirm, modify, or rescind the directive, the directive
      shall automatically lapse. (ii) JUDICIAL REVIEW.— (I) IN GENERAL.—If the Comptroller affirms or
      modifies a directive pursuant to clause (i), any affected party may immediately thereafter petition
      the United States district court for the district in which the main office of the affected party
      is Deadline. Determination. Deadline. Notice. VerDate Sep 11 2014 23:57 Aug 06, 2025 Jkt 059139
      PO 00027 Frm 00031 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL027.119 PUBL027 kcroghan on LAP5R21GR3PROD with
      PUBLAWS 139 STAT. 450 PUBLIC LAW 119–27—JULY 18, 2025 located, or in the United States District
      Court for the District of Columbia, to stay, modify, termi- nate, or set aside the directive. (II)
      RELIEF FOR EXTRAORDINARY CAUSE.—Upon a showing of extraordinary cause, an affected party may petition
      for relief under subclause (I) without first pursuing or exhausting the administrative remedies
      under clause (i).
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-f
  canonical_id: genius-act-stablecoin-f
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(f): (f) EFFECT ON STATE LAW.— (1) HOST STATE LAW.—Notwithstanding any other provision
    of law, the laws of a host State, including laws relating to consumer protection, shall only apply
    to the activities conducted in the host State by an out-of-State State qualified payment stablecoin
    issuer to the same …'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (f) EFFECT ON STATE LAW.— (1) HOST STATE LAW.—Notwithstanding any other provision
      of law, the laws of a host State, including laws relating to consumer protection, shall only apply
      to the activities conducted in the host State by an out-of-State State qualified payment stablecoin
      issuer to the same extent as such laws apply to the activities conducted in the host State by an
      out-of-State Federal qualified payment stablecoin issuer. (2) HOME STATE LAW.—If any host State
      law is determined not to apply under paragraph (1), the laws of the home State of the State qualified
      payment stablecoin issuer shall govern the activities of the permitted payment stablecoin issuer
      con- ducted in the host State. (3) APPLICABILITY.— (A) IN GENERAL.—This subsection shall only apply
      to an out-of-State State qualified payment stablecoin issuer chartered, licensed, or otherwise authorized
      to do business by a State that has a certification in place pursuant to section 4(c) of this Act.
      (B) EXCLUSION.—The laws applicable to an out-of-State qualified payment stablecoin issuer under
      paragraph (1) exclude host State laws governing the chartering, licensure, or other authorization
      to do business in the host State as a permitted payment stablecoin issuer pursuant to this Act.
      (4) RULE OF CONSTRUCTION.—Except for State laws relating to the chartering, licensure, or other
      authorization to do busi- ness as a permitted payment stablecoin issuer, nothing in this Act shall
      preempt State consumer protection laws, including common law, and the remedies available thereunder.
      SEC. 8. ANTI-MONEY LAUNDERING PROTECTIONS.
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-a
  canonical_id: genius-act-stablecoin-a
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(a): (a) PAYMENT STABLECOINS ISSUED BY A FOREIGN PAYMENT STABLECOIN ISSUER.— (1) IN GENERAL.—A
    payment stablecoin that is issued by a foreign payment stablecoin issuer may not be publicly offered,
    sold, or otherwise made available for trading in the United States by a digital asset service provider
    unles…'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (a) PAYMENT STABLECOINS ISSUED BY A FOREIGN PAYMENT STABLECOIN ISSUER.— (1) IN GENERAL.—A
      payment stablecoin that is issued by a foreign payment stablecoin issuer may not be publicly offered,
      sold, or otherwise made available for trading in the United States by a digital asset service provider
      unless the foreign payment stablecoin issuer has the technological capability to comply and complies
      with the terms of any lawful order. (2) ENFORCEMENT.— (A) AUTHORITY.—The Secretary of the Treasury
      shall have the authority to designate any foreign issuer that publicly offers, sells, or otherwise
      makes available a pay- ment stablecoin in violation of paragraph (1) as noncompli- ant. (B) DESIGNATION
      AS NONCOMPLIANT.—Not later than 30 days after the Department of the Treasury has identified a foreign
      payment stablecoin issuer of any payment Deadline. Notification. Compliance. 12 USC 5907. Applicability.
      VerDate Sep 11 2014 23:57 Aug 06, 2025 Jkt 059139 PO 00027 Frm 00032 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL027.119
      PUBL027 kcroghan on LAP5R21GR3PROD with PUBLAWS 139 STAT. 451 PUBLIC LAW 119–27—JULY 18, 2025 stablecoin
      trading in the United States that is in violation of paragraph (1), the Secretary of the Treasury,
      in coordina- tion with relevant Federal agencies, may, pursuant to the authority under subparagraph
      (A), designate the foreign payment stablecoin issuer as noncompliant and notify the foreign payment
      stablecoin issuer in writing of the designa- tion. (3) APPEAL.—A determination of noncompliance
      under this subsection is subject to judicial review in the United States Court of Appeals for the
      District of Columbia Circuit.
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-b
  canonical_id: genius-act-stablecoin-b
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(b): (b) PUBLICATION OF DESIGNATION; PROHIBITION ON SECONDARY TRADING.— (1) IN GENERAL.—If
    a foreign payment stablecoin issuer does not come into compliance with the lawful order within 30
    days from the date of issuance of the written notice described in subsection (a), except as provided
    in subsection (…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: '(b) PUBLICATION OF DESIGNATION; PROHIBITION ON SECONDARY TRADING.— (1) IN GENERAL.—If
      a foreign payment stablecoin issuer does not come into compliance with the lawful order within 30
      days from the date of issuance of the written notice described in subsection (a), except as provided
      in subsection (c), the Secretary of the Treasury shall— (A) publish the determination of noncompliance
      in the Federal Register, including a statement on the failure of the foreign payment stablecoin
      issuer to comply with the lawful order after the written notice; and (B) issue a notification in
      the Federal Register prohib- iting digital asset service providers from facilitating sec- ondary
      trading of payment stablecoins issued by the foreign payment stablecoin issuer in the United States.
      (2) EFFECTIVE DATE OF PROHIBITION.—The prohibition on facilitation of secondary trading described
      in paragraph (1) shall become effective on the date that is 30 days after the date of issue of notification
      of the prohibition in the Federal Register. (3) EXPIRATION OF PROHIBITION.— (A) IN GENERAL.—The
      prohibition on facilitation of sec- ondary trading described in paragraph (1)(B) shall expire upon
      the Secretary of the Treasury’s determination that the foreign payment stablecoin issuer is no longer
      non- compliant. (B) RULEMAKING.—Consistent with section 13, the Sec- retary of the Treasury shall
      specify the criteria that a noncompliant foreign issuer must meet for the Secretary of the Treasury
      to determine that the foreign payment stablecoin issuer is no longer noncompliant. (C) PUBLICATION.—Upon
      a determination under subparagraph (A), the Secretary of the Treasury shall pub- lish the determination
      in the Federal Register, including a statement detailing how the foreign payment stablecoin issuer
      has met the criteria described in subparagraph (B). (4) CIVIL MONETARY PENALTIES.—The Secretary
      of the Treasury may impose a civil monetary penalty as follows: (A) DIGITAL ASSET SERVICE PROVIDERS.—Any
      digital asset service provider that knowingly violates a prohibition under paragraph (1)(B) shall
      be subject to a civil monetary penalty of not more than $100,000 per violation per day. (B) FOREIGN
      PAYMENT STABLECOIN ISSUERS.—Any for- eign payment stablecoin issuer that knowingly continues to
      publicly offer a payment stablecoin in the United States after publication of the determination
      of noncompliance under paragraph (1)(A) shall be subject to a civil monetary Criteria. Notification.
      Compliance. Deadline. Federal Register, publication. Determinations. Statements. VerDate Sep 11
      2014 23:57 Aug 06, 2025 Jkt 059139 PO 00027 Frm 00033 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL027.119 PUBL027
      kcroghan on LAP5R21GR3PROD with PUBLAWS 139 STAT. 452 PUBLIC LAW 119–27—JULY 18, 2025 penalty of
      not more than $1,000,000 per violation per day, and the Secretary of the Treasury may seek an injunction
      in a district court of the United States to bar the foreign payment stablecoin issuer from engaging
      in financial trans- actions in the United States or with United States persons. (C) DETERMINATION
      OF THE NUMBER OF VIOLATIONS.— For purposes of determining the number of violations for which to
      impose a penalty under subparagraph (A) or (B), separate acts of noncompliance are a single violation
      when the acts are the result of a common or substantially over- lapping originating cause. Notwithstanding
      the foregoing, the Secretary of Treasury may determine that multiple acts of noncompliance constitute
      separate violations if such acts were the result of gross negligence, a reckless dis- regard for,
      or a pattern of indifference to, money laun- dering, financing of terrorism, or sanctions evasion
      require- ments. (D) COMMENCEMENT OF CIVIL ACTIONS.—The Secretary of the Treasury may commence a
      civil action against a foreign payment stablecoin issuer in a district court of the United States
      to—'
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-i
  canonical_id: genius-act-stablecoin-i
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(i): (i) recover a civil monetary penalty assessed under subparagraph (A) or (B); (ii)
    seek an injunction to bar the foreign payment stablecoin issuer from engaging in financial trans-
    actions in the United States or with United States persons; or (iii) seek an injunction to stop a
    digital asset service …'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (i) recover a civil monetary penalty assessed under subparagraph (A) or (B); (ii)
      seek an injunction to bar the foreign payment stablecoin issuer from engaging in financial trans-
      actions in the United States or with United States persons; or (iii) seek an injunction to stop
      a digital asset service provider from offering on the platform of the digital asset service provider
      payment stablecoins issued by the foreign payment stablecoin issuer.
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-c
  canonical_id: genius-act-stablecoin-c
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(c): (c) WAIVER AND LICENSING AUTHORITY EXEMPTIONS.— (1) IN GENERAL.—The Secretary of
    the Treasury may offer a waiver, general license, or specific license to any United States person
    engaging in secondary trading described in sub- section (b)(1)(B) on a case-by-case basis if the Secretary
    deter- mines t…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (c) WAIVER AND LICENSING AUTHORITY EXEMPTIONS.— (1) IN GENERAL.—The Secretary of
      the Treasury may offer a waiver, general license, or specific license to any United States person
      engaging in secondary trading described in sub- section (b)(1)(B) on a case-by-case basis if the
      Secretary deter- mines that— (A) prohibiting secondary trading would adversely affect the financial
      system of the United States; or (B) the foreign payment stablecoin issuer is taking tangible steps
      to remedy the failure to comply with the lawful order that resulted in the noncompliance determina-
      tion under subsection (a). (2) NATIONAL SECURITY WAIVER.—The Secretary of the Treasury, in consultation
      with the Director of National Intel- ligence and the Secretary of State, may waive the application
      of the secondary trading restrictions under subsection (b)(1)(B) if the Secretary of the Treasury
      determines that the waiver is in the national security interest of the United States. (3) WAIVER
      FOR INTELLIGENCE AND LAW ENFORCEMENT ACTIVITIES.—The head of a department or agency may waive the
      application of this section with respect to— (A) activities subject to the reporting requirements
      under title V of the National Security Act of 1947 (50 U.S.C. 3091 et seq.), or any authorized intelligence
      activi- ties of the United States; or Determinations. VerDate Sep 11 2014 23:57 Aug 06, 2025 Jkt
      059139 PO 00027 Frm 00034 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL027.119 PUBL027 kcroghan on LAP5R21GR3PROD
      with PUBLAWS 139 STAT. 453 PUBLIC LAW 119–27—JULY 18, 2025 (B) activities necessary to carry out
      or assist law enforcement activity of the United States. (4) REPORT REQUIRED.—Not later than 7 days
      after issuing a waiver or a license under paragraph (1), (2), or (3), the Secretary of the Treasury
      shall submit to the chairs and ranking members of the Committee on Banking, Housing, and Urban Affairs
      of the Senate and the Committee on Financial Services of the House of Representatives, a report,
      which may include a classified annex, if applicable, including the text of the waiver or license,
      as well as the facts and circumstances justifying the waiver determination, and provide a briefing
      on the report.
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-d
  canonical_id: genius-act-stablecoin-d
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(d): (d) RULE OF CONSTRUCTION.—Nothing in this Act shall be con- strued as altering the
    existing authority of the Secretary of the Treasury to block, restrict, or limit transactions involving
    payment stablecoins that reference or are denominated in United States dollars that are subject to
    the jurisdicti…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (d) RULE OF CONSTRUCTION.—Nothing in this Act shall be con- strued as altering the
      existing authority of the Secretary of the Treasury to block, restrict, or limit transactions involving
      payment stablecoins that reference or are denominated in United States dollars that are subject
      to the jurisdiction of the United States. SEC. 9. ANTI-MONEY LAUNDERING INNOVATION.
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-a
  canonical_id: genius-act-stablecoin-a
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(a): (a) PUBLIC COMMENT.—Beginning on the date that is 30 days after the date of enactment
    of this Act, and for a period of 60 days thereafter, the Secretary of the Treasury shall seek public
    comment to identify innovative or novel methods, techniques, or strategies that regulated financial
    institutions …'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (a) PUBLIC COMMENT.—Beginning on the date that is 30 days after the date of enactment
      of this Act, and for a period of 60 days thereafter, the Secretary of the Treasury shall seek public
      comment to identify innovative or novel methods, techniques, or strategies that regulated financial
      institutions use, or have the potential to use, to detect illicit activity, such as money laundering,
      involving digital assets, including comments with respect to— (1) application program interfaces;
      (2) artificial intelligence; (3) digital identify verification; and (4) use of blockchain technology
      and monitoring.
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-b
  canonical_id: genius-act-stablecoin-b
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(b): (b) TREASURY RESEARCH.— (1) IN GENERAL.—Upon completion of the public comment period
    described in subsection (a), the Secretary of the Treasury shall conduct research on the innovative
    or novel methods, techniques, or strategies that regulated financial institutions use, or have the
    potential to use…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: '(b) TREASURY RESEARCH.— (1) IN GENERAL.—Upon completion of the public comment period
      described in subsection (a), the Secretary of the Treasury shall conduct research on the innovative
      or novel methods, techniques, or strategies that regulated financial institutions use, or have the
      potential to use, to detect illicit activity, such as money laundering, involving digital assets
      that were identified in such public comment period. (2) RESEARCH FACTORS.—With respect to each innovative
      or novel method, technique, or strategy described in paragraph (1), the Financial Crimes Enforcement
      Network shall evaluate and consider the following factors against existing methods, techniques,
      or strategies: (A) Improvements in the ability of financial institutions to detect illicit activity
      involving digital assets. (B) Costs to regulated financial institutions. (C) The amount and sensitivity
      of information that is collected or reviewed. (D) Privacy risks associated with the information
      that is collected or reviewed. (E) Operational challenges and efficiency consider- ations. (F) Cybersecurity
      risks. (G) Effectiveness of methods, techniques, or strategies at mitigating illicit finance.'
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-c
  canonical_id: genius-act-stablecoin-c
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(c): (c) TREASURY RISK ASSESSMENT.—As part of the national strategy for combating terrorist
    and other illicit financing required Evaluation. Effective date. Time period. 12 USC 5908. VerDate
    Sep 11 2014 23:57 Aug 06, 2025 Jkt 059139 PO 00027 Frm 00035 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL027.119
    PUBL027 kcro…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (c) TREASURY RISK ASSESSMENT.—As part of the national strategy for combating terrorist
      and other illicit financing required Evaluation. Effective date. Time period. 12 USC 5908. VerDate
      Sep 11 2014 23:57 Aug 06, 2025 Jkt 059139 PO 00027 Frm 00035 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL027.119
      PUBL027 kcroghan on LAP5R21GR3PROD with PUBLAWS 139 STAT. 454 PUBLIC LAW 119–27—JULY 18, 2025 under
      sections 261 and 262 of the Countering America’s Adversaries Through Sanctions Act (Public Law 115–44;
      131 Stat. 934), the Secretary of the Treasury shall consider— (1) the source of illicit activity,
      such as money laundering and sanctions evasion involving digital assets; (2) the effectiveness of
      and gaps in existing methods, tech- niques, and strategies used by regulated financial institutions
      in detecting illicit activity, such as money laundering, involving digital assets; (3) the impact
      of existing regulatory frameworks on the use and development of innovative methods, techniques,
      or strategies by regulated financial institutions; and (4) any foreign jurisdictions that pose a
      high risk of facili- tating illicit activity through the use of digital assets to obtain fiat currency.
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-d
  canonical_id: genius-act-stablecoin-d
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(d): (d) FINCEN GUIDANCE OR RULEMAKING.—Not later than 3 years after the date of enactment
    of this Act, the Financial Crimes Enforcement Network shall issue public guidance and notice and comment
    rulemaking, based on the results of the research and risk assessments required under this section,
    relating t…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: '(d) FINCEN GUIDANCE OR RULEMAKING.—Not later than 3 years after the date of enactment
      of this Act, the Financial Crimes Enforcement Network shall issue public guidance and notice and
      comment rulemaking, based on the results of the research and risk assessments required under this
      section, relating to the fol- lowing: (1) The implementation of innovative or novel methods, techniques,
      or strategies by regulated financial institutions to detect illicit activity involving digital assets.
      (2) Standards for payment stablecoin issuers to identify and report illicit activity involving the
      payment stablecoin of a permitted payment stablecoin issuer, including, fraud, cybercrime, money
      laundering, financing of terrorism, sanctions evasion, or insider trading. (3) Standards for payment
      stablecoin issuers’ systems and practices to monitor transactions on blockchains, digital asset
      mixing services, tumblers, or other similar services that mix payment stablecoins in such a way
      as to make such transaction or the identity of the transaction parties less identifiable. (4) Tailored
      risk management standards for financial institutions interacting with decentralized finance protocols.'
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-e
  canonical_id: genius-act-stablecoin-e
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(e): (e) RECOMMENDATIONS AND REPORT TO CONGRESS.— (1) IN GENERAL.—Not later than 180 days
    after the date of enactment of this Act, the Secretary of the Treasury shall submit to the chairs
    and ranking members of the Committee on Banking, Housing, and Urban Affairs of the Senate and the
    Committee on Financ…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (e) RECOMMENDATIONS AND REPORT TO CONGRESS.— (1) IN GENERAL.—Not later than 180 days
      after the date of enactment of this Act, the Secretary of the Treasury shall submit to the chairs
      and ranking members of the Committee on Banking, Housing, and Urban Affairs of the Senate and the
      Committee on Financial Services of the House of Represent- atives a report on— (A) legislative and
      regulatory proposals to allow regu- lated financial institutions to develop and implement novel
      and innovative methods, techniques, or strategies to detect illicit activity, such as money laundering
      and sanctions evasion, involving digital assets; (B) the results of the research and risk assessments
      conducted pursuant to this section; (C) efforts to support the ability of financial institutions
      to implement novel and innovative methods, techniques, or strategies to detect illicit activity,
      such as money laun- dering and sanctions evasion, involving digital assets; (D) the extent to which
      transactions on distributed ledgers, digital asset mixing services, tumblers, or other similar services
      that mix payment stablecoins in such a Deadline. Notice. VerDate Sep 11 2014 23:57 Aug 06, 2025
      Jkt 059139 PO 00027 Frm 00036 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL027.119 PUBL027 kcroghan on LAP5R21GR3PROD
      with PUBLAWS 139 STAT. 455 PUBLIC LAW 119–27—JULY 18, 2025 way as to make such transaction or the
      identity of the transaction parties less identifiable may facilitate illicit activity; and (E) legislative
      recommendations relating to the scope of the term ‘‘digital asset service provider’’ and the applica-
      tion of that term to decentralized finance. (2) CLASSIFIED ANNEX.—A report under this section may
      include a classified annex, if applicable.
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-f
  canonical_id: genius-act-stablecoin-f
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(f): (f) RULE OF CONSTRUCTION.—Nothing in this section shall be construed to limit the
    existing authority of the Secretary of the Treasury or the primary Federal payment stablecoin regulators
    to, prior to the submission of a report required under this section, use existing exemptive authorities,
    the no-a…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (f) RULE OF CONSTRUCTION.—Nothing in this section shall be construed to limit the
      existing authority of the Secretary of the Treasury or the primary Federal payment stablecoin regulators
      to, prior to the submission of a report required under this section, use existing exemptive authorities,
      the no-action letter process, or rulemaking authorities in a manner that encourages regulated financial
      institutions to adopt novel or innovative methods, tech- niques, or strategies to detect illicit
      activity, such as money laun- dering, involving digital assets. SEC. 10. CUSTODY OF PAYMENT STABLECOIN
      RESERVE AND COLLAT- ERAL.
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-a
  canonical_id: genius-act-stablecoin-a
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(a): (a) IN GENERAL.—A person may only engage in the business of providing custodial or
    safekeeping services for the payment stablecoin reserve, the payment stablecoins used as collateral,
    or the private keys used to issue permitted payment stablecoins if the person— (1) is subject to—
    (A) supervision or…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (a) IN GENERAL.—A person may only engage in the business of providing custodial or
      safekeeping services for the payment stablecoin reserve, the payment stablecoins used as collateral,
      or the private keys used to issue permitted payment stablecoins if the person— (1) is subject to—
      (A) supervision or regulation by a primary Federal payment stablecoin regulator or a primary financial
      regu- latory agency described under subparagraph (B) or (C) of section 2(12) of the Dodd-Frank Wall
      Street Reform and Consumer Protection Act (12 U.S.C. 5301(12)); or (B) supervision by a State bank
      supervisor, as defined under section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813), or
      a State credit union supervisor, as defined under section 6003 of the Anti-Money Laundering Act
      of 2020 (31 U.S.C. 5311 note), and such State bank supervisor or State credit union supervisor makes
      available to the Board such information as the Board determines necessary and relevant to the categories
      of information under sub- section (d); and (2) complies with the requirements under subsection (b),
      unless such person holds such property in accordance with similar requirements as required by a
      primary Federal payment stablecoin regulator, the Securities and Exchange Commission, or the Commodity
      Futures Trading Commission.
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-b
  canonical_id: genius-act-stablecoin-b
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(b): (b) CUSTOMER PROPERTY REQUIREMENT.—A person described in subsection (a) shall, with
    respect to other property described in that subsection— (1) treat and deal with the payment stablecoins,
    private keys, cash, and other property of a person for whom or on whose behalf the person described
    in that sub…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (b) CUSTOMER PROPERTY REQUIREMENT.—A person described in subsection (a) shall, with
      respect to other property described in that subsection— (1) treat and deal with the payment stablecoins,
      private keys, cash, and other property of a person for whom or on whose behalf the person described
      in that subsection receives, acquires, or holds payment stablecoins, private keys, cash, and other
      property (hereinafter referred to in this section as the ‘‘customer’’) as belonging to such customer
      and not as the property of such person; and Compliance. 12 USC 5909. VerDate Sep 11 2014 23:57 Aug
      06, 2025 Jkt 059139 PO 00027 Frm 00037 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL027.119 PUBL027 kcroghan
      on LAP5R21GR3PROD with PUBLAWS 139 STAT. 456 PUBLIC LAW 119–27—JULY 18, 2025 (2) take such steps
      as are appropriate to protect the pay- ment stablecoins, private keys, cash, and other property
      of a customer from the claims of creditors of the person.
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-c
  canonical_id: genius-act-stablecoin-c
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(c): (c) COMMINGLING PROHIBITED.— (1) IN GENERAL.—Payment stablecoin reserves, payment
    stablecoins, cash, and other property of a permitted payment stablecoin issuer or customer shall be
    separately accounted for by a person described in subsection (a) and shall be seg- regated from and
    not be commingled …'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (c) COMMINGLING PROHIBITED.— (1) IN GENERAL.—Payment stablecoin reserves, payment
      stablecoins, cash, and other property of a permitted payment stablecoin issuer or customer shall
      be separately accounted for by a person described in subsection (a) and shall be seg- regated from
      and not be commingled with the assets of the person. (2) EXCEPTIONS.—Notwithstanding paragraph (1)
      or sub- section (b)— (A) the payment stablecoin reserves, payment stablecoins, cash, and other property
      of a permitted pay- ment stablecoin issuer or customer may, for convenience, be commingled and deposited
      in an omnibus account holding the payment stablecoin reserves, payment stablecoins, cash, and other
      property of more than 1 per- mitted payment stablecoin issuer or customer at a State chartered depository
      institution, an insured depository institution, national bank, or trust company, and any pay- ment
      stablecoin reserves in the form of cash held in the form of a deposit liability at a depository
      institution shall not be subject to any requirement relating to the separation of such cash from
      the property of the applicable depository institution; (B) such share of the payment stablecoin
      reserves, payment stablecoins, cash, and other property of the per- mitted payment stablecoin issuer
      or customer that shall be necessary to transfer, adjust, or settle a transaction or transfer of
      assets may be withdrawn and applied to such purposes, including the payment of commissions, taxes,
      storage, and other charges lawfully accruing in connection with the provision of services by a person
      described in subsection (a); (C) in accordance with such terms and conditions as a primary Federal
      payment stablecoin regulator may pre- scribe by rule, regulation, or order, any payment stablecoin
      reserves, payment stablecoins, cash, and other property described in this subsection may be commingled
      and depos- ited in permitted payment stablecoin issuer or customer accounts with payment stablecoin
      reserves, payment stablecoins, cash, and other property received by the person and required by the
      primary Federal payment stablecoin regulator to be separately accounted for, treated as, and dealt
      with as belonging to such permitted payment stablecoin issuers or customers; or (D) an insured depository
      institution that provides custodial or safekeeping services for payment stablecoin reserves shall
      be permitted to hold payment stablecoin reserves in the form of cash on deposit provided such treatment
      is consistent with Federal law. (3) CUSTOMER PRIORITY.—With respect to payment stablecoins held
      by a person described in subsection (a) for a customer, with or without the segregation required
      under paragraph (1), the claims of the customer against such person with respect to such payment
      stablecoins shall have priority Claims. VerDate Sep 11 2014 23:57 Aug 06, 2025 Jkt 059139 PO 00027
      Frm 00038 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL027.119 PUBL027 kcroghan on LAP5R21GR3PROD with PUBLAWS
      139 STAT. 457 PUBLIC LAW 119–27—JULY 18, 2025 over the claims of any person other than the claims
      of another customer with respect to payment stablecoins held by such person described in subsection
      (a), unless the customer expressly consents to the priority of such other claim.
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-d
  canonical_id: genius-act-stablecoin-d
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(d): (d) REGULATORY INFORMATION.—A person described under sub- section (a) shall submit
    to the applicable primary Federal payment stablecoin regulator information concerning the person’s
    business operations and processes to protect customer assets, in such form and manner as the primary
    regulator shall d…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (d) REGULATORY INFORMATION.—A person described under sub- section (a) shall submit
      to the applicable primary Federal payment stablecoin regulator information concerning the person’s
      business operations and processes to protect customer assets, in such form and manner as the primary
      regulator shall determine.
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-e
  canonical_id: genius-act-stablecoin-e
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(e): (e) EXCLUSION.—The requirements of this section shall not apply to any person solely
    on the basis that such person engages in the business of providing hardware or software to facilitate
    a customer’s own custody or safekeeping of the customer’s payment stablecoins or private keys. SEC.
    11. TREATMENT…'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (e) EXCLUSION.—The requirements of this section shall not apply to any person solely
      on the basis that such person engages in the business of providing hardware or software to facilitate
      a customer’s own custody or safekeeping of the customer’s payment stablecoins or private keys. SEC.
      11. TREATMENT OF PAYMENT STABLECOIN ISSUERS IN INSOL- VENCY PROCEEDINGS.
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-a
  canonical_id: genius-act-stablecoin-a
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(a): (a) IN GENERAL.—Subject to section 507(e) of title 11, United States Code, as added
    by subsection (d), in any insolvency pro- ceeding of a permitted payment stablecoin issuer under Federal
    or State law, including any proceeding under that title and any insolvency proceeding administered
    by a State p…'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (a) IN GENERAL.—Subject to section 507(e) of title 11, United States Code, as added
      by subsection (d), in any insolvency pro- ceeding of a permitted payment stablecoin issuer under
      Federal or State law, including any proceeding under that title and any insolvency proceeding administered
      by a State payment stablecoin regulator with respect to a permitted payment stablecoin issuer— (1)
      the claim of a person holding payment stablecoins issued by the permitted payment stablecoin issuer
      shall have priority, on a ratable basis with the claims of other persons holding such payment stablecoins,
      over the claims of the permitted payment stablecoin issuer and any other holder of claims against
      the permitted payment stablecoin issuer, with respect to required payment stablecoin reserves; (2)
      notwithstanding any other provision of law, including the definition of ‘‘claim’’ under section
      101(5) of title 11, United States Code, any person holding a payment stablecoin issued by the permitted
      payment stablecoin issuer shall be deemed to hold a claim; and (3) the priority under paragraph
      (1) shall not apply to claims other than those arising directly from the holding of payment stablecoins.
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-b
  canonical_id: genius-act-stablecoin-b
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(b): (b) DEFINITIONS.—Section 101 of title 11, United States Code, is amended by adding
    after paragraph (40B) the following: ‘‘(40C) The terms ‘payment stablecoin’ and ‘permitted pay- ment
    stablecoin issuer’ have the meanings given those terms in section 2 of the GENIUS Act.’’.'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: '(b) DEFINITIONS.—Section 101 of title 11, United States Code, is amended by adding
      after paragraph (40B) the following: ‘‘(40C) The terms ‘payment stablecoin’ and ‘permitted pay-
      ment stablecoin issuer’ have the meanings given those terms in section 2 of the GENIUS Act.’’.'
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-c
  canonical_id: genius-act-stablecoin-c
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(c): (c) AUTOMATIC STAY.—Section 362 of title 11, United States Code, is amended— (1)
    in subsection (a)— (A) in paragraph (7), by striking ‘‘and’’; (B) in paragraph (8), by striking the
    period and inserting ‘‘; and’’; and (C) by adding at the end the following: ‘‘(9) the redemption of
    payment stablecoins…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: '(c) AUTOMATIC STAY.—Section 362 of title 11, United States Code, is amended— (1)
      in subsection (a)— (A) in paragraph (7), by striking ‘‘and’’; (B) in paragraph (8), by striking
      the period and inserting ‘‘; and’’; and (C) by adding at the end the following: ‘‘(9) the redemption
      of payment stablecoins issued by the permitted payment stablecoin issuer, from payment stablecoin
      reserves required to be maintained under section 4 of the GENIUS Act.’’; and (2) in subsection (d)—
      (A) in paragraph (3)(B)(ii), by striking ‘‘or’’ at the end; Claims. 12 USC 5910. VerDate Sep 11
      2014 23:57 Aug 06, 2025 Jkt 059139 PO 00027 Frm 00039 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL027.119 PUBL027
      kcroghan on LAP5R21GR3PROD with PUBLAWS 139 STAT. 458 PUBLIC LAW 119–27—JULY 18, 2025 (B) in paragraph
      (4)(B), by striking the period at the end and inserting ‘‘; or’’; and (C) by inserting after paragraph
      (4) the following: ‘‘(5) with respect to the redemption of payment stablecoins held by a person,
      if the court finds, subject to the motion and attestation of the permitted payment stablecoin issuer,
      which shall be filed on the petition date or as soon as practicable thereafter, there are payment
      stablecoin reserves available for distribution on a ratable basis to similarly situated payment
      stablecoin holders, provided that the court shall use best efforts to enter a final order to begin
      distributions under this para- graph not later than 14 days after the date of the required hearing.’’.'
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-d
  canonical_id: genius-act-stablecoin-d
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(d): (d) PRIORITY IN BANKRUPTCY PROCEEDINGS.—Section 507 of title 11, United States Code,
    is amended— (1) in subsection (a), in the matter preceding paragraph (1), by striking ‘‘The following’’
    and inserting ‘‘Subject to sub- section (e), the following’’; and (2) by adding at the end the following:
    ‘‘(e)…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: '(d) PRIORITY IN BANKRUPTCY PROCEEDINGS.—Section 507 of title 11, United States Code,
      is amended— (1) in subsection (a), in the matter preceding paragraph (1), by striking ‘‘The following’’
      and inserting ‘‘Subject to sub- section (e), the following’’; and (2) by adding at the end the following:
      ‘‘(e) Notwithstanding subsection (a), if a payment stablecoin holder is not able to redeem all outstanding
      payment stablecoin claims from required payment stablecoin reserves maintained by the permitted
      payment stablecoin issuer, any such remaining claim arising from a person’s holding of a payment
      stablecoin issued by the permitted payment stablecoin issuer shall be a claim against the estate
      and shall have first priority over any other claim, including over any expenses and claims that
      have priority under that subsection, to the extent compliance with section 4 of the GENIUS Act would
      have required additional reserves to be main- tained by the permitted payment stablecoin issuer
      for payment stablecoin holders.’’.'
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-e
  canonical_id: genius-act-stablecoin-e
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(e): (e) PAYMENT STABLECOIN RESERVES.—Section 541(b) of title 11, United States Code,
    is amended— (1) in paragraph (9), in the matter following subparagraph (B), by striking ‘‘or’’ at
    the end; (2) in paragraph (10)(C), by striking the period and inserting ‘‘; or’’; and (3) by inserting
    after paragraph (1…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: '(e) PAYMENT STABLECOIN RESERVES.—Section 541(b) of title 11, United States Code,
      is amended— (1) in paragraph (9), in the matter following subparagraph (B), by striking ‘‘or’’ at
      the end; (2) in paragraph (10)(C), by striking the period and inserting ‘‘; or’’; and (3) by inserting
      after paragraph (10) the following: ‘‘(11) required payment stablecoin reserves under section 4
      of the GENIUS Act, provided that notwithstanding the exclu- sion of such reserves from the property
      of the estate, section 362 of this title shall apply to such reserves.’’.'
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-f
  canonical_id: genius-act-stablecoin-f
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(f): (f) INTERVENTION.—Section 1109 of title 11, United States Code, is amended by adding
    at the end the following: ‘‘(c) The Comptroller of the Currency or State payment stablecoin regulator
    (as defined in section 2 of the GENIUS Act) shall raise, and shall appear and be heard on, any issue,
    including t…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: '(f) INTERVENTION.—Section 1109 of title 11, United States Code, is amended by adding
      at the end the following: ‘‘(c) The Comptroller of the Currency or State payment stablecoin regulator
      (as defined in section 2 of the GENIUS Act) shall raise, and shall appear and be heard on, any issue,
      including the protection of customers, in a case under this chapter in which the debtor is a permitted
      payment stablecoin issuer.’’.'
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-g
  canonical_id: genius-act-stablecoin-g
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(g): (g) APPLICATION OF EXISTING INSOLVENCY LAW.—In accordance with otherwise applicable
    law, an insolvency proceeding with respect to a permitted payment stablecoin issuer shall occur as
    follows: (1) A depository institution (as defined in section 3 of the Federal Deposit Insurance Act
    (12 U.S.C. 1813))…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: '(g) APPLICATION OF EXISTING INSOLVENCY LAW.—In accordance with otherwise applicable
      law, an insolvency proceeding with respect to a permitted payment stablecoin issuer shall occur
      as follows: (1) A depository institution (as defined in section 3 of the Federal Deposit Insurance
      Act (12 U.S.C. 1813)) shall be resolved by the Federal Deposit Insurance Corporation, 12 USC 5911.
      Applicability. Claims. Courts. Distributions. Deadline. VerDate Sep 11 2014 23:57 Aug 06, 2025 Jkt
      059139 PO 00027 Frm 00040 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL027.119 PUBL027 kcroghan on LAP5R21GR3PROD
      with PUBLAWS 139 STAT. 459 PUBLIC LAW 119–27—JULY 18, 2025 National Credit Union Administration,
      or State payment stablecoin regulator, as applicable. (2) A subsidiary of a depository institution
      (as defined in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813)) or a nonbank entity
      may be considered a debtor under title 11, United States Code.'
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-h
  canonical_id: genius-act-stablecoin-h
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(h): (h) STUDY BY PRIMARY FEDERAL PAYMENT STABLECOIN REGU- LATORS.— (1) STUDY REQUIRED.—The
    primary Federal payment stablecoin regulators shall perform a study of the potential insolvency proceedings
    of permitted payment stablecoin issuers, including an examination of— (A) existing gaps in the bankruptcy…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (h) STUDY BY PRIMARY FEDERAL PAYMENT STABLECOIN REGU- LATORS.— (1) STUDY REQUIRED.—The
      primary Federal payment stablecoin regulators shall perform a study of the potential insolvency
      proceedings of permitted payment stablecoin issuers, including an examination of— (A) existing gaps
      in the bankruptcy laws and rules for permitted payment stablecoin issuers; (B) the ability of payment
      stablecoin holders to be paid out in full in the event a permitted payment stablecoin issuer is
      insolvent; and (C) the utility of orderly insolvency administration regimes and whether any additional
      authorities are needed to implement such regimes. (2) REPORT.—Not later than 3 years after the date
      of enact- ment of this Act, the primary Federal payment stablecoin regu- lators shall submit to
      the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Finan- cial
      Services of the House of Representatives a report that contains all findings of the study under
      paragraph (1), including any legislative recommendations. SEC. 12. INTEROPERABILITY STANDARDS. The
      primary Federal payment stablecoin regulators, in con- sultation with the National Institute of
      Standards and Technology, other relevant standard-setting organizations, and State bank and credit
      union regulators, shall assess and, if necessary, may, pursu- ant to section 553 of title 5, United
      States Code, and in a manner consistent with the National Technology Transfer and Advancement Act
      of 1995 (Public Law 104–113), prescribe standards for permitted payment stablecoin issuers to promote
      compatibility and interoper- ability with— (1) other permitted payment stablecoin issuers; and (2)
      the broader digital finance ecosystem, including accepted communications protocols and blockchains,
      permissioned or public. SEC. 13. RULEMAKING.
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-a
  canonical_id: genius-act-stablecoin-a
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(a): (a) IN GENERAL.—Not later than 1 year after the date of enact- ment of this Act,
    each primary Federal payment stablecoin regu- lator, the Secretary of the Treasury, and each State
    payment stablecoin regulator shall promulgate regulations to carry out this Act through appropriate
    notice and comment r…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (a) IN GENERAL.—Not later than 1 year after the date of enact- ment of this Act,
      each primary Federal payment stablecoin regu- lator, the Secretary of the Treasury, and each State
      payment stablecoin regulator shall promulgate regulations to carry out this Act through appropriate
      notice and comment rulemaking.
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-b
  canonical_id: genius-act-stablecoin-b
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(b): (b) COORDINATION.—Federal payment stablecoin regulators, the Secretary of the Treasury,
    and State payment stablecoin regulators should coordinate, as appropriate, on the issuance of any
    regulations to implement this Act.'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (b) COORDINATION.—Federal payment stablecoin regulators, the Secretary of the Treasury,
      and State payment stablecoin regulators should coordinate, as appropriate, on the issuance of any
      regulations to implement this Act.
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-c
  canonical_id: genius-act-stablecoin-c
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(c): (c) REPORT REQUIRED.—Not later than 180 days after the effec- tive date of this Act,
    each Federal banking agency shall submit to the Committee on Banking, Housing, and Urban Affairs of
    the Senate and the Committee on Financial Services of the House Deadline. Notice. 12 USC 5913. Assessment.
    12 USC 5…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (c) REPORT REQUIRED.—Not later than 180 days after the effec- tive date of this Act,
      each Federal banking agency shall submit to the Committee on Banking, Housing, and Urban Affairs
      of the Senate and the Committee on Financial Services of the House Deadline. Notice. 12 USC 5913.
      Assessment. 12 USC 5912. VerDate Sep 11 2014 23:57 Aug 06, 2025 Jkt 059139 PO 00027 Frm 00041 Fmt
      6580 Sfmt 6581 E:\PUBLAW\PUBL027.119 PUBL027 kcroghan on LAP5R21GR3PROD with PUBLAWS 139 STAT. 460
      PUBLIC LAW 119–27—JULY 18, 2025 of Representatives a report that confirms and describes the regula-
      tions promulgated to carry out this Act. SEC. 14. STUDY ON NON-PAYMENT STABLECOINS.
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-a
  canonical_id: genius-act-stablecoin-a
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(a): (a) STUDY BY TREASURY.— (1) STUDY.—The Secretary of the Treasury, in consultation
    with the Board, the Comptroller, the Corporation, the Securities and Exchange Commission, and the
    Commodity Futures Trading Commission shall carry out a study of non-payment stablecoins, including
    endogenously collater…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (a) STUDY BY TREASURY.— (1) STUDY.—The Secretary of the Treasury, in consultation
      with the Board, the Comptroller, the Corporation, the Securities and Exchange Commission, and the
      Commodity Futures Trading Commission shall carry out a study of non-payment stablecoins, including
      endogenously collateralized payment stablecoins. (2) REPORT.—Not later than 365 days after the date
      of the enactment of this Act, the Secretary of the Treasury shall provide to the Committee on Banking,
      Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of
      Representatives a report that contains all findings made in carrying out the study under paragraph
      (1), including an analysis of— (A) the categories of non-payment stablecoins, including the benefits
      and risks of technological design features; (B) the participants in non-payment stablecoin arrangements;
      (C) utilization and potential utilization of non-payment stablecoins; (D) the nature of reserve
      compositions; (E) types of algorithms being employed; (F) governance structure, including aspects
      of decen- tralization; (G) the nature of public promotion and advertising; and (H) the clarity and
      availability of consumer notices disclosures. (3) CLASSIFIED ANNEX.—A report under this section
      may include a classified annex, if applicable.
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-b
  canonical_id: genius-act-stablecoin-b
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(b): (b) ENDOGENOUSLY COLLATERALIZED PAYMENT STABLECOIN DEFINED.—In this section, the
    term ‘‘endogenously collateralized payment stablecoin’’ means any digital asset— (1) the originator
    of which has represented will be con- verted, redeemed, or repurchased for a fixed amount of mone-
    tary value; and (2) …'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (b) ENDOGENOUSLY COLLATERALIZED PAYMENT STABLECOIN DEFINED.—In this section, the
      term ‘‘endogenously collateralized payment stablecoin’’ means any digital asset— (1) the originator
      of which has represented will be con- verted, redeemed, or repurchased for a fixed amount of mone-
      tary value; and (2) that relies solely on the value of another digital asset created or maintained
      by the same originator to maintain the fixed price. SEC. 15. REPORTS.
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-a
  canonical_id: genius-act-stablecoin-a
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(a): (a) ANNUAL REPORTING REQUIREMENT.—Beginning on the date that is 1 year after the
    date of enactment of this Act, and annually thereafter, the primary Federal payment stablecoin regulators,
    in consultation with State payment stablecoin regulators, as necessary, shall submit to the Committee
    on Banking…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (a) ANNUAL REPORTING REQUIREMENT.—Beginning on the date that is 1 year after the
      date of enactment of this Act, and annually thereafter, the primary Federal payment stablecoin regulators,
      in consultation with State payment stablecoin regulators, as necessary, shall submit to the Committee
      on Banking, Housing, and Urban Affairs of the Senate, the Committee on Financial Services of the
      House of Representatives, and the Director of the Office of Financial Research a report, which may
      include a classified annex, if applicable, on the status of the payment stablecoin industry, including—
      (1) a summary of trends in payment stablecoin activities; 12 USC 5914. VerDate Sep 11 2014 23:57
      Aug 06, 2025 Jkt 059139 PO 00027 Frm 00042 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL027.119 PUBL027 kcroghan
      on LAP5R21GR3PROD with PUBLAWS 139 STAT. 461 PUBLIC LAW 119–27—JULY 18, 2025 (2) a summary of the
      number of applications for approval as a permitted payment stablecoin issuer under section 5, including
      aggregate approvals and rejections of applications; and (3) a description of the potential financial
      stability risks posed to the safety and soundness of the broader financial system by payment stablecoin
      activities.
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-b
  canonical_id: genius-act-stablecoin-b
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(b): (b) FSOC REPORT.—The Financial Stability Oversight Council shall incorporate the
    findings in the report under subsection (a) into the annual report of the Council required under section
    112(a)(2)(N) of the Financial Stability Act of 2010 (12 U.S.C. 5322(a)(2)(N)). SEC. 16. AUTHORITY
    OF BANKING INSTI…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (b) FSOC REPORT.—The Financial Stability Oversight Council shall incorporate the
      findings in the report under subsection (a) into the annual report of the Council required under
      section 112(a)(2)(N) of the Financial Stability Act of 2010 (12 U.S.C. 5322(a)(2)(N)). SEC. 16.
      AUTHORITY OF BANKING INSTITUTIONS.
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-a
  canonical_id: genius-act-stablecoin-a
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(a): (a) RULE OF CONSTRUCTION.—Nothing in this Act may be con- strued to limit the authority
    of a depository institution, Federal credit union, State credit union, national bank, or trust company
    to engage in activities permissible pursuant to applicable State and Federal law, including— (1) accepting
    or…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (a) RULE OF CONSTRUCTION.—Nothing in this Act may be con- strued to limit the authority
      of a depository institution, Federal credit union, State credit union, national bank, or trust company
      to engage in activities permissible pursuant to applicable State and Federal law, including— (1)
      accepting or receiving deposits or shares (in the case of a credit union), and issuing digital assets
      that represent those deposits or shares; (2) utilizing a distributed ledger for the books and records
      of the entity and to effect intrabank transfers; and (3) providing custodial services for payment
      stablecoins, private keys of payment stablecoins, or reserves backing pay- ment stablecoins.
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-b
  canonical_id: genius-act-stablecoin-b
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(b): (b) REGULATORY REVIEW.—Entities regulated by the primary Federal payment stablecoin
    regulators are authorized to engage in the payment stablecoin activities and investments contemplated
    by this Act, including acting as a principal or agent with respect to any payment stablecoin and payment
    of fees t…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (b) REGULATORY REVIEW.—Entities regulated by the primary Federal payment stablecoin
      regulators are authorized to engage in the payment stablecoin activities and investments contemplated
      by this Act, including acting as a principal or agent with respect to any payment stablecoin and
      payment of fees to facilitate customer transactions. The primary Federal payment stablecoin regulators
      shall review all existing guidance and regulations, and if necessary, amend or promulgate new regulations
      and guidance, to clarify that regulated entities are authorized to engage in such activities and
      investments.
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-c
  canonical_id: genius-act-stablecoin-c
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(c): (c) TREATMENT OF CUSTODY ACTIVITIES.—The appropriate Fed- eral banking agency, the
    National Credit Union Administration (in the case of a credit union), and the Securities and Exchange
    Commission may not require a depository institution, national bank, Federal credit union, State credit
    union, or tr…'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (c) TREATMENT OF CUSTODY ACTIVITIES.—The appropriate Fed- eral banking agency, the
      National Credit Union Administration (in the case of a credit union), and the Securities and Exchange
      Commission may not require a depository institution, national bank, Federal credit union, State
      credit union, or trust company, or any affiliate thereof— (1) to include digital assets held in
      custody that are not owned by the entity as a liability on the financial statement or balance sheet
      of the entity, including payment stablecoin custody or safekeeping activities; or (2) to hold in
      custody or safekeeping regulatory capital against digital assets and reserves backing such assets
      described in section 4(a)(1)(A), except as necessary to mitigate against operational risks inherent
      in custody or safekeeping services, as determined by— (A) the appropriate Federal banking agency;
      (B) the National Credit Union Administration (in the case of a credit union); (C) a State bank supervisor;
      or (D) a State credit union supervisor. Guidance. 12 USC 5915. VerDate Sep 11 2014 23:57 Aug 06,
      2025 Jkt 059139 PO 00027 Frm 00043 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL027.119 PUBL027 kcroghan on
      LAP5R21GR3PROD with PUBLAWS 139 STAT. 462 PUBLIC LAW 119–27—JULY 18, 2025
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-d
  canonical_id: genius-act-stablecoin-d
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(d): (d) STATE-CHARTERED DEPOSITORY INSTITUTIONS.— (1) IN GENERAL.—A depository institution
    chartered under the banking laws of a State, that has a subsidiary that is a permitted payment stablecoin
    issuer, may engage in the business of money transmission or provide custodial services through the
    permitte…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (d) STATE-CHARTERED DEPOSITORY INSTITUTIONS.— (1) IN GENERAL.—A depository institution
      chartered under the banking laws of a State, that has a subsidiary that is a permitted payment stablecoin
      issuer, may engage in the business of money transmission or provide custodial services through the
      permitted payment stablecoin issuer in any State if such State-chartered depository institution
      is— (A) required by the laws or regulations of the home State to establish and maintain adequate
      liquidity, and such liquidity is regularly reassessed by the home State banking supervisor to take
      into account any changes in the financial condition and risk profile of the institution, including
      any uninsured deposits maintained by such institution; and (B) required by the laws or regulations
      of the home State to establish and maintain adequate capital, and such capital is regularly reassessed
      by the home State banking supervisor to take into account any changes in the financial condition
      and risk profile of the institution, including any uninsured deposits maintained by such institution.
      (2) RULE OF CONSTRUCTION.—Nothing in this section shall limit, or be construed to limit, the authority
      of a host State bank regulator, to perform examinations of a depository institu- tion’s subsidiary
      permitted payment stablecoin issuer or activi- ties conducted through the permitted payment stablecoin
      issuer to ensure compliance with host State consumer protection laws that the host State bank regulator
      has specific jurisdiction to enforce, which shall apply to such institution consistent with section
      7(f).
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-e
  canonical_id: genius-act-stablecoin-e
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(e): (e) DEFINITIONS.—In this section: (1) HOME STATE.—The term ‘‘home State’’ means the
    State by which the depository institution is chartered. (2) HOST STATE.—The term ‘‘host State’’ means
    a State in which a depository institution establishes a branch, solicits customers, or otherwise engages
    in busine…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: '(e) DEFINITIONS.—In this section: (1) HOME STATE.—The term ‘‘home State’’ means
      the State by which the depository institution is chartered. (2) HOST STATE.—The term ‘‘host State’’
      means a State in which a depository institution establishes a branch, solicits customers, or otherwise
      engages in business activities, other than the home State. SEC. 17. AMENDMENTS TO CLARIFY THAT PAYMENT
      STABLECOINS ARE NOT SECURITIES OR COMMODITIES AND PERMITTED PAY- MENT STABLECOIN ISSUERS ARE NOT
      INVESTMENT COMPA- NIES.'
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-a
  canonical_id: genius-act-stablecoin-a
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(a): (a) INVESTMENT ADVISERS ACT OF 1940.—Section 202(a)(18) of the Investment Advisers
    Act of 1940 (15 U.S.C. 80b–2(a)(18)) is amended by adding at the end the following: ‘‘The term ‘security’
    does not include a payment stablecoin issued by a permitted pay- ment stablecoin issuer, as such terms
    are defi…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: '(a) INVESTMENT ADVISERS ACT OF 1940.—Section 202(a)(18) of the Investment Advisers
      Act of 1940 (15 U.S.C. 80b–2(a)(18)) is amended by adding at the end the following: ‘‘The term ‘security’
      does not include a payment stablecoin issued by a permitted pay- ment stablecoin issuer, as such
      terms are defined in section 2 of the GENIUS Act.’’.'
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-b
  canonical_id: genius-act-stablecoin-b
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(b): (b) INVESTMENT COMPANY ACT OF 1940.—The Investment Com- pany Act of 1940 (15 U.S.C.
    80a–1 et seq.) is amended (1) in section 2(a)(36) of the Act (15 U.S.C. 80a–2(a)(36)), by adding at
    the end the following: ‘‘The term ‘security’ does not include a payment stablecoin issued by a permitted
    payment sta…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: '(b) INVESTMENT COMPANY ACT OF 1940.—The Investment Com- pany Act of 1940 (15 U.S.C.
      80a–1 et seq.) is amended (1) in section 2(a)(36) of the Act (15 U.S.C. 80a–2(a)(36)), by adding
      at the end the following: ‘‘The term ‘security’ does not include a payment stablecoin issued by
      a permitted payment stablecoin issuer, as such terms are defined in section 2 of the GENIUS Act.’’;
      and (2) in section 3(c)(3) of the Act (15 U.S.C. 80a–3(c)(3)), by inserting ‘‘any permitted payment
      stablecoin issuer, as such Applicability. VerDate Sep 11 2014 23:57 Aug 06, 2025 Jkt 059139 PO 00027
      Frm 00044 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL027.119 PUBL027 kcroghan on LAP5R21GR3PROD with PUBLAWS
      139 STAT. 463 PUBLIC LAW 119–27—JULY 18, 2025 term is defined in section 2 of the GENIUS Act;’’
      after ‘‘therefor;’’.'
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-c
  canonical_id: genius-act-stablecoin-c
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(c): (c) SECURITIES ACT OF 1933.—Section 2(a)(1) of the Securities Act of 1933 (15 U.S.C.
    77b(a)(1)) is amended by adding at the end the following: ‘‘The term ‘security’ does not include a
    payment stablecoin issued by a permitted payment stablecoin issuer, as such terms are defined in section
    2 of the GE…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: '(c) SECURITIES ACT OF 1933.—Section 2(a)(1) of the Securities Act of 1933 (15 U.S.C.
      77b(a)(1)) is amended by adding at the end the following: ‘‘The term ‘security’ does not include
      a payment stablecoin issued by a permitted payment stablecoin issuer, as such terms are defined
      in section 2 of the GENIUS Act.’’.'
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-d
  canonical_id: genius-act-stablecoin-d
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(d): (d) SECURITIES EXCHANGE ACT OF 1934.—Section 3(a)(10) of the Securities Exchange
    Act of 1934 (15 U.S.C. 78c(a)(10)) is amended by adding at the end the following: ‘‘The term ‘security’
    does not include a payment stablecoin issued by a permitted pay- ment stablecoin issuer, as such terms
    are defined …'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: '(d) SECURITIES EXCHANGE ACT OF 1934.—Section 3(a)(10) of the Securities Exchange
      Act of 1934 (15 U.S.C. 78c(a)(10)) is amended by adding at the end the following: ‘‘The term ‘security’
      does not include a payment stablecoin issued by a permitted pay- ment stablecoin issuer, as such
      terms are defined in section 2 of the GENIUS Act.’’.'
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-e
  canonical_id: genius-act-stablecoin-e
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(e): (e) SECURITIES INVESTOR PROTECTION ACT OF 1970.—Section 16(14) of the Securities
    Investor Protection Act of 1970 (15 U.S.C. 78lll(14)) is amended by adding at the end the following:
    ‘‘The term ‘security’ does not include a payment stablecoin issued by a permitted payment stablecoin
    issuer, as such t…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: '(e) SECURITIES INVESTOR PROTECTION ACT OF 1970.—Section 16(14) of the Securities
      Investor Protection Act of 1970 (15 U.S.C. 78lll(14)) is amended by adding at the end the following:
      ‘‘The term ‘security’ does not include a payment stablecoin issued by a permitted payment stablecoin
      issuer, as such terms are defined in section 2 of the GENIUS Act.’’.'
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-f
  canonical_id: genius-act-stablecoin-f
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(f): (f) COMMODITY EXCHANGE ACT.—Section 1a(9) of the Com- modity Exchange Act (7 U.S.C.
    1a(9)) is amended by adding at the end the following: ‘‘The term ‘commodity’ does not include a payment
    stablecoin issued by a permitted payment stablecoin issuer, as such terms are defined in section 2
    of the GENIUS…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: '(f) COMMODITY EXCHANGE ACT.—Section 1a(9) of the Com- modity Exchange Act (7 U.S.C.
      1a(9)) is amended by adding at the end the following: ‘‘The term ‘commodity’ does not include a
      payment stablecoin issued by a permitted payment stablecoin issuer, as such terms are defined in
      section 2 of the GENIUS Act.’’. SEC. 18. EXCEPTION FOR FOREIGN PAYMENT STABLECOIN ISSUERS AND RECIPROCITY
      FOR PAYMENT STABLECOINS ISSUED IN OVERSEAS JURISDICTIONS.'
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-a
  canonical_id: genius-act-stablecoin-a
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(a): (a) IN GENERAL.—The prohibitions under section 3 shall not apply to a foreign payment
    stablecoin issuer if all of the following apply: (1) The foreign payment stablecoin issuer is subject
    to regulation and supervision by a foreign payment stablecoin regulator of a foreign country, a territory
    of the…'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: '(a) IN GENERAL.—The prohibitions under section 3 shall not apply to a foreign payment
      stablecoin issuer if all of the following apply: (1) The foreign payment stablecoin issuer is subject
      to regulation and supervision by a foreign payment stablecoin regulator of a foreign country, a
      territory of the United States, Puerto Rico, Guam, American Samoa, or the Virgin Islands that has
      a regulatory and supervisory regime with respect to payment stablecoins that the Secretary of the
      Treasury deter- mines, pursuant to subsection (b), is comparable to the regu- latory and supervisory
      regime established under this Act, including, in particular, the requirements under section 4(a).
      (2) The foreign payment stablecoin issuer is registered with the Comptroller pursuant to subsection
      (c). (3) The foreign payment stablecoin issuer holds reserves in a United States financial institution
      sufficient to meet liquidity demands of United States customers, unless otherwise permitted under
      a reciprocal arrangement established pursuant to subsection (d). (4) The foreign country in which
      the foreign payment stablecoin issuer is domiciled and regulated is not subject to comprehensive
      economic sanctions by the United States or in a jurisdiction that the Secretary of the Treasury
      has determined to be a jurisdiction of primary money laundering concern.'
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-b
  canonical_id: genius-act-stablecoin-b
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(b): (b) TREASURY DETERMINATION.— Determinations. 12 USC 5916. VerDate Sep 11 2014 23:57
    Aug 06, 2025 Jkt 059139 PO 00027 Frm 00045 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL027.119 PUBL027 kcroghan
    on LAP5R21GR3PROD with PUBLAWS 139 STAT. 464 PUBLIC LAW 119–27—JULY 18, 2025 (1) IN GENERAL.—The Secretary
    of the T…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (b) TREASURY DETERMINATION.— Determinations. 12 USC 5916. VerDate Sep 11 2014 23:57
      Aug 06, 2025 Jkt 059139 PO 00027 Frm 00045 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL027.119 PUBL027 kcroghan
      on LAP5R21GR3PROD with PUBLAWS 139 STAT. 464 PUBLIC LAW 119–27—JULY 18, 2025 (1) IN GENERAL.—The
      Secretary of the Treasury may make a determination as to whether a foreign country has a regu- latory
      and supervisory regime that is comparable to the require- ments established under this Act, including
      the requirements under section 4(a). The Secretary of the Treasury may make such a determination
      only upon a recommendation from each other member of the Stablecoin Certification Review Com- mittee.
      Prior to such determination taking effect, the Secretary of the Treasury shall publish in the Federal
      Register a justifica- tion for such determination, including how the foreign country’s regulatory
      and supervisory regime is comparable to the require- ments established under this Act, including
      the requirements under section 4(a). (2) REQUEST.—A foreign payment stablecoin issuer or a foreign
      payment stablecoin regulator may request from the Secretary of the Treasury a determination under
      paragraph (1). (3) TIMING FOR DETERMINATION.—If a foreign payment stablecoin issuer or foreign payment
      stablecoin regulator requests a determination under paragraph (2), the Secretary of the Treasury
      shall render a decision on the determination not later than 210 days after the receipt of a substantially
      complete determination request. (4) RESCISSION OF DETERMINATION.— (A) IN GENERAL.—The Secretary
      of the Treasury may, in consultation with the Federal payment stablecoin regu- lators, rescind a
      determination made under paragraph (1), if the Secretary determines that the regulatory regime of
      such foreign country is no longer comparable to the requirements established under this Act. Prior
      to such rescission taking effect, the Secretary of the Treasury shall publish in the Federal Register
      a justification for the rescis- sion. (B) LIMITED SAFE HARBOR.—If the Secretary of the Treasury
      rescinds a determination pursuant to subpara- graph (A), a digital asset service provider shall
      have 90 days before the offer or sale of a payment stablecoin issued by the foreign payment stablecoin
      issuer that is the subject of the rescinded determination shall be in violation of sec- tion 3.
      (5) PUBLIC NOTICE.—The Secretary of the Treasury shall keep and make publicly available a current
      list of foreign countries for which a determination under paragraph (1) has been made. (6) RULEMAKING.—Not
      later than 1 year after the date of enactment of this Act, the Secretary of the Treasury shall issue
      such rules as may be required to carry out this section.
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-c
  canonical_id: genius-act-stablecoin-c
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(c): (c) REGISTRATION AND ONGOING MONITORING.— (1) REGISTRATION.— (A) IN GENERAL.—A foreign
    payment stablecoin issuer may offer or sell payment stablecoins using a digital asset service provider
    if the foreign payment stablecoin issuer is registered with the Comptroller. (B) REGISTRATION APPROVAL.—A
    regi…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (c) REGISTRATION AND ONGOING MONITORING.— (1) REGISTRATION.— (A) IN GENERAL.—A foreign
      payment stablecoin issuer may offer or sell payment stablecoins using a digital asset service provider
      if the foreign payment stablecoin issuer is registered with the Comptroller. (B) REGISTRATION APPROVAL.—A
      registration of a for- eign payment stablecoin issuer filed in accordance with this section shall
      be deemed approved on the date that is 30 days after the date the Comptroller receives the Effective
      date. Notification. Deadline. List. Deadline. Federal Register, publication. Deadline. Federal Register,
      publication. Recommenda- tion. VerDate Sep 11 2014 23:57 Aug 06, 2025 Jkt 059139 PO 00027 Frm 00046
      Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL027.119 PUBL027 kcroghan on LAP5R21GR3PROD with PUBLAWS 139 STAT.
      465 PUBLIC LAW 119–27—JULY 18, 2025 registration, unless the Comptroller notifies the foreign payment
      stablecoin issuer in writing that such registration has been rejected. (C) STANDARDS FOR REJECTION.—In
      determining whether to reject a foreign payment stablecoin issuer’s registration, the Comptroller
      shall consider
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-i
  canonical_id: genius-act-stablecoin-i
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(i): (i) the final determination of the Secretary of the Treasury under this section;
    (ii) the financial and managerial resources of the United States operations of the foreign payment
    stablecoin issuer; (iii) whether the foreign payment stablecoin issuer will provide adequate information
    to the Comptrol…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (i) the final determination of the Secretary of the Treasury under this section;
      (ii) the financial and managerial resources of the United States operations of the foreign payment
      stablecoin issuer; (iii) whether the foreign payment stablecoin issuer will provide adequate information
      to the Comptroller as the Comptroller determines is necessary to deter- mine compliance with this
      Act; (iv) whether the foreign payment stablecoin pre- sents a risk to the financial stability of
      the United States; and
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-v
  canonical_id: genius-act-stablecoin-v
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(v): (v) whether the foreign payment stablecoin issuer presents illicit finance risks
    to the United States. (D) PROCEDURE FOR APPEAL.—If the Comptroller rejects a registration, not later
    than 30 days after the date of receipt of such rejection, the foreign payment stablecoin issuer may
    appeal the rejecti…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: '(v) whether the foreign payment stablecoin issuer presents illicit finance risks
      to the United States. (D) PROCEDURE FOR APPEAL.—If the Comptroller rejects a registration, not later
      than 30 days after the date of receipt of such rejection, the foreign payment stablecoin issuer
      may appeal the rejection by notifying the Comp- troller of the request to appeal. (E) RULEMAKING.—Pursuant
      to section 13 of this Act, the Comptroller shall issue rules relating to the standards for approval
      of registration requests and the process for appealing denials of such registration requests. (F)
      PUBLIC NOTICE.—The Comptroller shall keep and make publicly available a current list of foreign
      payment stablecoin issuer registrations that have been approved. (2) ONGOING MONITORING.—A foreign
      payment stablecoin issuer shall (A) be subject to reporting, supervision, and examina- tion requirements
      as determined by the Comptroller; and (B) consent to United States jurisdiction relating to the
      enforcement of this Act. (3) LACK OF COMPLIANCE.— (A) COMPTROLLER ACTION.—The Comptroller may, in
      consultation with the Secretary of the Treasury, rescind approval of a registration of a foreign
      payment stablecoin issuer under this subsection if the Comptroller determines that the foreign payment
      stablecoin issuer is not in compli- ance with the requirements of this Act, including for maintaining
      insufficient reserves or posing an illicit finance risk or financial stability risk. Prior to such
      rescission taking effect, the Comptroller shall publish in the Federal Register a justification
      for the rescission. (B) SECRETARY ACTION.—The Secretary of the Treasury, in consultation with the
      Comptroller, may revoke a registration of a foreign payment stablecoin issuer under this subsection
      if the Secretary determines that reasonable grounds exist for concluding that the foreign payment
      stablecoin issuer presents economic sanctions evasion, money laundering, or other illicit finance
      risks, or, as applicable, violations, or facilitation thereof. Revocation. Federal Register, publication.
      Rescission. Consent. List. Deadline. Notification. VerDate Sep 11 2014 23:57 Aug 06, 2025 Jkt 059139
      PO 00027 Frm 00047 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL027.119 PUBL027 kcroghan on LAP5R21GR3PROD with
      PUBLAWS 139 STAT. 466 PUBLIC LAW 119–27—JULY 18, 2025 LEGISLATIVE HISTORY—S. 1582: CONGRESSIONAL
      RECORD, Vol. 171 (2025): May 21, June 2, 9, 11, 12, 17, considered and passed Senate. July 17, considered
      and passed House. DAILY COMPILATION OF PRESIDENTIAL DOCUMENTS (2025): July 18, Presidential remarks.
      Æ'
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: genius-act-stablecoin-d
  canonical_id: genius-act-stablecoin-d
  section: GENIUS Act (Pub. L. 119-27, 2025) — Fede
  description: '(d): (d) RECIPROCITY.— (1) IN GENERAL.—The Secretary of the Treasury may create and implement
    reciprocal arrangements or other bilateral agreements between the United States and jurisdictions
    with payment stablecoin regulatory regimes that are comparable to the requirements established under
    this Act. Th…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: GENIUS Act (Pub. L. 119-27) §3(a) — Limitation on who may issue a payment stablecoin
    source_class: genius-act-statute
    source_url: https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf
    snapshot_id: 84de0f6363c844ef
    fetched_at: '2026-06-04T22:12:15Z'
    content_hash: sha256:2a9394622a6a75821a3fdcb974e8f6b044ca74f3379284052d1035bf73bebfe9
    paragraph_quote: (d) RECIPROCITY.— (1) IN GENERAL.—The Secretary of the Treasury may create and implement
      reciprocal arrangements or other bilateral agreements between the United States and jurisdictions
      with payment stablecoin regulatory regimes that are comparable to the requirements established under
      this Act. The Secretary of the Treasury shall consider whether the jurisdiction’s requirements for
      payment stablecoin issuers include (A) similar requirements to those under section 4(a); (B) adequate
      anti-money laundering and counter- financing of terrorism program and sanction compliance standards;
      and (C) adequate supervisory and enforcement capacity to facilitate international transactions and
      interoperability with United States dollar-denominated payment stablecoins issued overseas. (2)
      PUBLICATION.—Not later than 90 days prior to the entry into force of any arrangement or agreement
      under para- graph (1), the Secretary of the Treasury shall publish the arrangement or agreement
      in the Federal Register. (3) COMPLETION.—The Secretary of the Treasury should complete the arrangements
      under this subsection not later than the date that is 2 years after the date of enactment of this
      Act. SEC. 19. DISCLOSURE RELATING TO PAYMENT STABLECOINS. Section 13104(a)(3) of title 5, United
      States Code, is amended, in the first sentence, by striking ‘‘, or any deposits’’ and inserting
      ‘‘, any payment stablecoins issued by a permitted payment stablecoin issuer aggregating $5,000 or
      less held, or any deposits’’. SEC. 20. EFFECTIVE DATE. This Act, and the amendments made by this
      Act, shall take effect on the earlier of (1) the date that is 18 months after the date of enactment
      of this Act; or (2) the date that is 120 days after the date on which the primary Federal payment
      stablecoin regulators issue any final regulations implementing this Act. Approved July 18, 2025.
      12 USC 5901 note. Federal Register, publication. Contracts. Deadlines. VerDate Sep 11 2014 23:57
      Aug 06, 2025 Jkt 059139 PO 00027 Frm 00048 Fmt 6580 Sfmt 6580 E:\PUBLAW\PUBL027.119 PUBL027 kcroghan
      on LAP5R21GR3PROD with PUBLAWS
    drafter_attestation: Verbatim subsection of  U.S.C. § from Cornell LII snapshot 84de0f6363c844ef;
      body isolated between nav and notes; substring-verified.
  judgment: false
