WeVote
Log In

Bill

Bill

S 1582

Provides for a special election, at the discretion of the governor, to fill vacancies in the office of comptroller and attorney-general

2025 Regular Session Introduced by Joe Griffo

Establishes a federal approval and supervision framework for payment stablecoins, designating permitted issuers and assigning oversight to federal banking regulators.

REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
0
WeVote Research Nonpartisan
Bill Summary · S 1582

Summary — S.1582 (GENIUS Act) and associated materials

Note up front: the materials provided for “S.1582” include multiple, inconsistent items. The primary federal text contained is the “Guiding and Establishing National Innovation for U.S. Stablecoins Act” (GENIUS Act), enacted as Public Law No. 119‑27 on July 18, 2025. The packet also includes an unrelated Commonwealth of Massachusetts Senate Bill No. 1582 (a state-level measure on hepatitis C screening). This summary focuses on the federal GENIUS Act and highlights the apparent document mismatch.

Short title and status

  • Short title: Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act).
  • Enacted as Public Law No. 119‑27 on July 18, 2025.
  • Senate passage: 68–30 (Record Vote 318). House passage: 308–122 (Roll no. 200). Introduced May 1, 2025.

Main purpose

Establish a statutory federal regulatory framework for “payment stablecoins” — digital assets designed and represented as maintaining a stable value relative to a fixed amount of monetary value — by defining key terms, identifying permitted issuers, and assigning supervisory responsibilities to federal banking regulators.

Key definitions (high level)

  • Payment stablecoin: a digital asset intended for payment/settlement whose issuer is obligated to redeem/repurchase for a fixed amount of monetary value and that represents or creates a reasonable expectation of stable value. Excludes national currencies, bank deposits, and certain securities.
  • Digital asset, distributed ledger, distributed ledger protocol, digital asset service provider: defined to clarify scope of covered technologies and service activities.
  • Federal qualified payment stablecoin issuer / permitted payment stablecoin issuer: categories for entities that may, subject to approval, issue regulated payment stablecoins (includes certain nonbank entities, uninsured national banks, and federal branches approved by the Comptroller).

Core provisions and regulatory architecture (as reflected in provided text)

  • Establishes a federal approval/permission regime (references to Comptroller approval, e.g., section 5) for entities to become “Federal qualified payment stablecoin issuers.”
  • Assigns definitions and supervisory roles to federal banking agencies, the Office of the Comptroller of the Currency (Comptroller), the Board of Governors of the Federal Reserve System (Board), and the FDIC (Corporation).
  • Clarifies that specific forms (national currency, deposits) are excluded from the definition of payment stablecoins and addresses the interaction with securities law (section 17 referenced).
  • Includes a “lawful order” concept defining court or agency orders that can require seizure, freezing, or blocking of payment stablecoins/accounts.
  • Defines “digital asset service provider” and explicitly excludes certain protocol operators, validators, and purely self-custodial software from that definition.

Note: The provided text is partial/truncated and concentrates on definitions and structure; the full Act contains additional operational, prudential, consumer-protection, AML/BSA, reserve/custody, examination, and enforcement requirements that implement the statutory framework.

Who is affected

  • Potential issuers of payment stablecoins (nonbank firms, national banks, federal branches, insured depository institutions and their subsidiaries).
  • Digital asset service providers, custody providers, and distributed ledger protocol operators (some are explicitly carved out of certain obligations).
  • Federal banking regulators (OCC, Federal Reserve Board, FDIC) — given implementation, supervision, and approval duties.
  • Consumers and businesses using payment stablecoins (legal status, redemption rights, and oversight will change).
  • Law enforcement and courts (through “lawful order” authority to freeze/block assets).

Procedural/timeline highlights

  • Introduced in Senate: 5/1/2025. Cloture and consideration occurred in May–June 2025; Senate passed 6/17/2025; House passed 7/17/2025; signed by the President and became law on 7/18/2025.
  • The enacted law will require implementing rules, agency guidance, and supervisory frameworks; those rulemaking timelines and specific regulatory obligations are set out in the full statute and implementing regulations (not fully included in the excerpt).

Important caveats / document inconsistencies

  • The original metadata or summary title in the request refers to a state-focused procedural rule (special elections for filling vacancies) — this does not match the federal GENIUS Act text.
  • The packet also contained a separate Massachusetts Senate Bill No. 1582 (state law to expand hepatitis C screening and require departmental regulations within 180 days). That state bill is unrelated to the federal GENIUS Act and should be treated separately.

For a complete, authoritative understanding, consult the full enrolled/public-law text of Public Law 119‑27 and the official bill files for S.1582, plus any implementing regulations and agency rulemakings that follow enactment.

Compiled from official sources — confirm details with the bill’s official record.

Sign in to ask a question.