GENIUS towards implementation, reigniting the debate over how federal regulation and state oversight coexist in the rapidly growing digital asset market.

Members of Congress are focused on a specific jurisdiction issue: whether government regulators, who have historically overseen money transfer companies and payment tools, should maintain effective oversight of stablecoin issuers even as the federal government establishes a new national framework through the GENIUS Act.
The GENIUS Act, officially known as the American Stablecoin Innovation Guidance and Establishment Act, calls for the creation of a federal licensing and oversight framework for stablecoin issuers. The law has been signed and enacted under Public Law No. 119-27, which sets nationwide reserve requirements and consumer protection standards.