U.S stable coin GENIUS bill, according to the May 15th 2025 proposal, assigns the Treasury Secretary discretion to determine whether foreign-issued stablecoins may circulate in the United States, not mitigating core worries about non-U.S. tokens such as Tether

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A major issue related to stablecoin bills pending in both chambers of Congress has been how these bills treat foreign issuers—namely Tether, the world’s largest stablecoin company, which is based in El Salvador. Previous drafts of the GENIUS Act have allowed stablecoins not registered in the United States to be offered stateside, so long as the countries these tokens are issued from have laws comparable to the GENIUS Act on the books. Democrats have complained such requirements do not adequately address their concerns about stablecoins like Tether, which, they say, has been used much too frequently to facilitate money laundering and sanctions evasion. The new and improved GENIUS Act contains language on such issues, but leaves discretion on the question up to the U.S. Treasury Secretary, Scott Bessent.