Legislative Activity

The GENIUS Act establishes a regulatory framework for payment stablecoins in the United States, requiring issuers to be "permitted payment stablecoin issuers" and maintain 1-to-1 reserves. It sets standards for reserve composition, redemption policies, and regular reporting, while also granting the Comptroller authority to regulate Federal qualified payment stablecoin issuers and allowing state-level regulation for smaller issuers under certain conditions. The Act also addresses anti-money laundering concerns, custody of reserves, and the treatment of stablecoin issuers during insolvency proceedings, and clarifies that payment stablecoins are not securities or commodities. Finally, the Act creates an exception for foreign payment stablecoin issuers under specific conditions and reciprocity for payment stablecoins issued in overseas jurisdictions.

The "District of Columbia Federal Immigration Compliance Act" prohibits the District of Columbia from enacting or enforcing any law, policy, or practice that restricts its government entities or officials from sharing immigration status information with other government entities or complying with lawful detainer requests from the Department of Homeland Security. This bill stipulates that the District of Columbia would be in violation of the act if officials share information or comply with detainer requests of individuals reporting a crime as a victim or witness.

The SNOOP Act of 2025 amends the Internal Revenue Code, reinstating the previous exception for minimal payments handled by third-party settlement organizations, requiring them to report information only if the total amount exceeds $20,000 and the number of transactions exceeds 200. It also modifies backup withholding rules for third-party network transactions, aligning them with the reinstated de minimis standards. These changes are set to take effect for calendar years starting after December 31, 2024.

The Innovate to De-Escalate Modernization Act amends Title 18 of the U.S. Code to include less-than-lethal projectile devices in the definition of firearms, while providing specific criteria for what qualifies as a less-than-lethal device. It requires the Attorney General to determine if a device meets the criteria to be considered less-than-lethal within 90 days of a request.

The GENIUS Act of 2025 establishes a regulatory framework for payment stablecoins, defining key terms, outlining who can issue stablecoins, and setting requirements for reserves, disclosures, and compliance. It creates a process for federal and state regulators to approve and supervise stablecoin issuers, addressing consumer protection, anti-money laundering measures, and interoperability standards. The Act also clarifies that payment stablecoins are not securities or commodities and prioritizes stablecoin holders' claims in insolvency proceedings. Finally, the act directs the Treasury to establish reciprocal agreements with countries that have similar payment stablecoin regulations.

The "PROTECT USA Act of 2025" aims to safeguard U.S. economic interests by preventing entities crucial to national interests from complying with foreign sustainability due diligence regulations that could negatively impact domestic value chains and international trade. It prohibits adverse actions against these entities for complying with the Act and allows them to seek exemptions from the prohibition under certain hardship conditions. The bill also establishes legal recourse for entities harmed by violations of the Act, including the potential for significant damages and penalties.

The "Credit Union Board Modernization Act" amends the Federal Credit Union Act to reduce the frequency of board of directors meetings for well-managed federal credit unions. New federal credit unions are required to meet monthly for the first five years, while those with strong ratings must meet at least six times annually after the initial period. Credit unions with lower ratings will still be required to meet monthly.

The FENCE Act amends the Internal Revenue Code to deny tax-exempt status to organizations that knowingly or should reasonably know are providing support to individuals unlawfully present in the United States. This change does not require proof of citizenship or verification of immigration status, nor does it compel religious organizations to violate their beliefs. It takes effect upon the enactment of the Act.

The GENIUS Act of 2025 establishes a regulatory framework for payment stablecoins, defining who can issue them and setting standards for reserves, redemption policies, and reporting. It mandates federal approval for stablecoin issuers, with an option for state regulation for smaller issuers under certain conditions, and clarifies that payment stablecoins are not securities or commodities. The Act also prioritizes customer protection by requiring custodial services to be supervised and customer assets to be segregated, and it prioritizes stablecoin holders over other creditors in case of issuer insolvency. Finally, it directs the Federal Reserve to establish reciprocal agreements with countries that have similar stablecoin regulations to promote international transactions.