On July 18, 2025, the President of the United States, Donald Trump, signed into law the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act), which represents a significant milestone in the regulation of stablecoins and the broader crypto-asset market in the United States.
This act introduces, inter alia:
- definitions of concepts related to the stablecoin market such as digital asset, distributed ledger, stablecoin issuer, payment stablecoin;
- the requirements for issuers of payment stablecoins relating to the reserve of assets, liquidity and reporting;
- obligations for the protection of stablecoin holders, their redemption rights and how to deal with the insolvency of the issuer.
The full text of the Act is available at the following link:
https://www.congress.gov/bill/119th-congress/senate-bill/1582/text