GENIUS bill would permit banks and other firms to issue stablecoins under defined regulatory requirements, including full backing with U.S. dollars or similarly liquid assets, monthly reserve disclosures, the ability to freeze tokens upon law enforcement request, mandatory annual audits for issuers exceeding $50 billion in market capitalization, and added provisions concerning foreign issuance

Quotes that support claims

If passed, the Genius Act would allow banks and other companies to issue stablecoins, provided they meet certain requirements. That includes backing the stablecoins with highly liquid assets such as US Treasuries, providing monthly disclosure of their reserves, and retaining the ability to freeze tokens at the request of law enforcement.

The Senate bill would require stablecoins to be fully backed by U.S. dollars or similarly liquid assets, mandate annual audits for issuers with more than $50 billion in market capitalization, and add language around foreign issuance

If signed into law, the GENIUS Act would establish a framework for legally issuing stablecoins in the United States.