S 1582GENIUS Act

Latest change summary

+8853 / −7793 words · LargeConfidence: high

This revision fundamentally narrows the bill's scope by removing the entire framework for state-regulated stablecoin issuers and substantially scaling back federal oversight mechanisms. The changes eliminate definitions and pathways for state-qualified payment stablecoin issuers, Federal qualified issuers, and subsidiaries of depository institutions to issue stablecoins, effectively consolidating what appears to have been a dual state-federal regulatory system into a more limited structure. The bill also removes extensive enforcement provisions including annual AML/sanctions certification requirements, foreign issuer compliance mechanisms, marketing prohibitions with $500,000 penalties, and the authority for regulators to remove non-compliant personnel. Additionally eliminated are safe harbor provisions for self-custody wallets and peer-to-peer transfers, transition provisions for large state-supervised issuers with over $10 billion in outstanding issuance, state certification requirements and associated federal publication obligations, insolvency proceeding frameworks, reporting requirements, and research mandates for FinCEN to issue guidance within two years. The deletions also remove several digital asset activity definitions including custodian services, distributed ledger validation, and node operation.