GENIUS Act

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15 paired provisions contain wording changes. Other matched provisions may have changed headings, numbers, or locations.

1. Wording changed

   EarlierSec. 2 · Definitions

   EnrolledSec. 2 · Definitions

   Paired by same section number and heading

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   Earlier excerpt

   …the business of validating transactions or operating a distributed ledger node; or (v) participating in a liquidity pool…

   Enrolled excerpt

   …the business of validating transactions or operating a distributed ledger; or (v) participating in a liquidity pool…

   Earlier excerpt

   …issuer means a person formed in the United States that— (A) is— (i) a subsidiary of an insured…

   Enrolled excerpt

   …issuer means a person formed in the United States that is— (A) a subsidiary of an insured…

   Earlier excerpt

   …United States that— (A) is— (i) a subsidiary of an insured depository institution that has…

   Enrolled excerpt

   …person formed in the United States that is— (A) a subsidiary of an insured depository institution that has…

2. Wording changed

   EarlierSec. 3 · Issuance and treatment of payment stablecoins

   EnrolledSec. 3 · Issuance and treatment of payment stablecoins

   Paired by same section number and heading

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   Earlier excerpt

   …enactment of this Act, it shall be unlawful for any digital asset service provider to offer or sell a…

   Enrolled excerpt

   …enactment of this Act, it shall be unlawful for a digital asset service provider to offer or sell a payment stablecoin to a person in the United States, unless the payment stablecoin is issued by a permitted payment stablecoin issuer. (2…

   Earlier excerpt

   …be unlawful for any digital asset service provider to offer or sell a payment stablecoin to a person in the United States, unless the payment stablecoin is issued by a permitted payment stablecoin issuer. (2) Foreign payment stablecoin issuers It shall…

   Enrolled excerpt

   …be unlawful for any digital asset service provider to offer, sell, or otherwise make available in the United…

   Earlier excerpt

   …will comply, with the terms of any lawful order or reciprocal arrangement pursuant to section 18. (c)…

   Enrolled excerpt

   …will comply, with the terms of any lawful order and any reciprocal arrangement pursuant to section 18. (c)…

3. Wording changed

   EarlierSec. 4 · Requirements for issuing payment stablecoins

   EnrolledSec. 4 · Requirements for issuing payment stablecoins

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   Earlier excerpt

   …permitted payment stablecoin issuer shall— (A) maintain reserves backing the outstanding payment stablecoins of the permitted payment…

   Enrolled excerpt

   …permitted payment stablecoin issuer shall— (A) maintain identifiable reserves backing the outstanding payment stablecoins of the permitted payment…

   Earlier excerpt

   …laundering, customer identification, and due diligence, including, as applicable— (i) maintenance of an effective anti-money laundering…

   Enrolled excerpt

   …laundering, customer identification, and due diligence, including— (i) maintenance of an effective anti-money laundering…

   Earlier excerpt

   …— (i) maintenance of an effective anti-money laundering and economic sanctions compliance program, which shall include appropriate risk assessments, verification…

   Enrolled excerpt

   …— (i) maintenance of an effective anti-money laundering program, which shall include appropriate risk assessments and designation…

4. Wording changed

   EarlierSec. 5 · Approval of subsidiaries of insured depository institutions and Federal qualified payment stablecoin issuers

   EnrolledSec. 5 · Approval of subsidiaries of insured depository institutions and Federal qualified payment stablecoin issuers

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   Earlier excerpt

   …this section to be a permitted payment stablecoin issuer. (i) Certification required (1) In general…

   Enrolled excerpt

   …this section to be a permitted payment stablecoin issuer. Nothing in this subsection shall preempt or supersede the authority of a State to charter, license, supervise, or regulate an insured depository institution or credit union chartered in such State or to…

   Earlier excerpt

   …the permitted payment stablecoin issuer from facilitating money laundering, including, in particular, facilitating money laundering for cartels and organizations…

   Enrolled excerpt

   …the permitted payment stablecoin issuer from facilitating money laundering, in particular, facilitating money laundering for cartels and organizations…

5. Wording changed

   EarlierSec. 6 · Supervision and enforcement with respect to Federal qualified payment stablecoin issuers and subsidiaries of insured depository institutions

   EnrolledSec. 6 · Supervision and enforcement with respect to Federal qualified payment stablecoin issuers and subsidiaries of insured depository institutions

   Paired by same section number and heading

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   Earlier excerpt

   …Secrecy Act and with laws authorizing the imposition of sanctions to be implemented by the Secretary of the Treasury. (3…

   Enrolled excerpt

   …Secrecy Act and with laws authorizing the imposition of sanctions and implemented by the Secretary of the Treasury. (3…

   Earlier excerpt

   …financial, operational, technological, and other risks associated with the permitted payment stablecoin issuer that may pose a threat…

   Enrolled excerpt

   …financial, operational, technological, and other risks associated within the permitted payment stablecoin issuer that may pose a threat…

   Earlier excerpt

   …institution-affiliated party of the permitted payment stablecoin issuer is willfully violating or has willfully violated— (A) this…

   Enrolled excerpt

   …institution-affiliated party of the permitted payment stablecoin issuer is willfully or recklessly violating or has willfully or recklessly violated— (A…

6. Wording changed

   EarlierSec. 7 · State qualified payment stablecoin issuers

   EnrolledSec. 7 · State qualified payment stablecoin issuers

   Paired by same section number and heading

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   Earlier excerpt

   …Effect on State law (1) Host State law Unless otherwise provided in this Act, the laws of a host State, including laws…

   Enrolled excerpt

   …Effect on State law (1) Host State law Notwithstanding any other provision of law, the laws of a host State, including laws…

   Earlier excerpt

   …this Act. (4) Rule of construction Except as specified in this subsection, nothing in this Act…

   Enrolled excerpt

   …this Act. (4) Rule of construction Except for State laws relating to the chartering, licensure, or other authorization to do business as a permitted payment stablecoin issuer, nothing in this…

   Earlier excerpt

   …Act. (4) Rule of construction Except as specified in this subsection, nothing in this Act shall preempt State consumer protection…

   Enrolled excerpt

   …, licensure, or other authorization to do business as a permitted payment stablecoin issuer, nothing in this Act shall preempt State consumer protection…

7. Wording changed

   EarlierSec. 8 · Anti-money laundering protections

   EnrolledSec. 8 · Anti-money laundering protections

   Paired by same section number and heading

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   Earlier excerpt

   (a) Payment stablecoin issued by a foreign payment stablecoin issuer (1)…

   Enrolled excerpt

   (a) Payment stablecoins issued by a foreign payment stablecoin issuer (1)…

   Earlier excerpt

   …a foreign payment stablecoin issuer (1) In general Payment stablecoin that is issued by a foreign payment stablecoin issuer…

   Enrolled excerpt

   …a foreign payment stablecoin issuer (1) In general A payment stablecoin that is issued by a foreign payment stablecoin issuer…

   Earlier excerpt

   …or otherwise made available for trading in the United States unless the foreign payment stablecoin issuer has the technological capability…

   Enrolled excerpt

   …or otherwise made available for trading in the United States by a digital asset service provider unless the foreign payment stablecoin issuer has the technological capability…

8. Wording changed

   EarlierSec. 9 · Anti-money laundering innovation

   EnrolledSec. 9 · Anti-money laundering innovation

   Paired by same section number and heading

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   Earlier excerpt

   …(d) FinCEN guidance or rulemaking Not later than 2 years after the date of enactment of this Act,…

   Enrolled excerpt

   …(d) FinCEN guidance or rulemaking Not later than 3 years after the date of enactment of this Act,…

   Earlier excerpt

   …, the Financial Crimes Enforcement Network shall issue public guidance or notice and comment rulemaking, based on the results of…

   Enrolled excerpt

   …, the Financial Crimes Enforcement Network shall issue public guidance and notice and comment rulemaking, based on the results of…

   Earlier excerpt

   …detect illicit activity involving digital assets. (2) Best practices for payment stablecoin issuers to identify and report illicit activity…

   Enrolled excerpt

   …detect illicit activity involving digital assets. (2) Standards for payment stablecoin issuers to identify and report illicit activity…

9. Wording changed

   EarlierSec. 10 · Custody of payment stablecoin reserve and collateral

   EnrolledSec. 10 · Custody of payment stablecoin reserve and collateral

   Paired by same section number and heading

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   Earlier excerpt

   …requirement A person described in subsection (a) shall— (1) with respect to payment stablecoin reserves…

   Enrolled excerpt

   …requirement A person described in subsection (a) shall, with respect to other property described in that subsection— (1) treat and deal with the payment…

   Earlier excerpt

   …described in subsection (a) shall— (1) with respect to payment stablecoin reserves received from a permitted payment stablecoin issuer for deposit in a reserve account, treat and deal with such payment stablecoin reserves as belonging to the holders of…

   Enrolled excerpt

   …to other property described in that subsection— (1) treat and deal with the payment stablecoins, private…

   Earlier excerpt

   …not as the property of such person; and (B) take such steps as are appropriate to protect the…

   Enrolled excerpt

   …not as the property of such person; and (2) take such steps as are appropriate to protect the…

10. Wording changed

    EarlierSec. 11 · Treatment of payment stablecoin issuers in insolvency proceedings

    EnrolledSec. 11 · Treatment of payment stablecoin issuers in insolvency proceedings

    Paired by same section number and heading

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    Earlier excerpt

    (a) In general In any insolvency proceeding of a permitted payment stablecoin issuer under…

    Enrolled excerpt

    (a) In general Subject to section 507(e) of title 11, United States Code, as added by subsection (d), in any insolvency proceeding of a permitted payment stablecoin issuer under…

    Earlier excerpt

    …under Federal or State law, including any proceeding under title 11, United States Code, and any insolvency…

    Enrolled excerpt

    …under Federal or State law, including any proceeding under that title and any insolvency proceeding administered by a State payment…

    Earlier excerpt

    …Federal or State law, including any proceeding under title 11, United States Code, and any insolvency proceeding administered by a State payment stablecoin…

    Enrolled excerpt

    …or State law, including any proceeding under that title and any insolvency proceeding administered by a State payment stablecoin…

11. Wording changed

    EarlierSec. 15 · Reports

    EnrolledSec. 15 · Reports

    Paired by same section number and heading

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    Earlier excerpt

    …and annually thereafter, the primary Federal payment stablecoin regulators shall submit to the Committee on Banking, Housing,…

    Enrolled excerpt

    …and annually thereafter, the primary Federal payment stablecoin regulators, in consultation with State payment stablecoin regulators, as necessary, shall submit to the Committee on Banking, Housing,…

12. Wording changed

    EarlierSec. 16 · Authority of banking institutions

    EnrolledSec. 16 · Authority of banking institutions

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    Earlier excerpt

    …credit union supervisor. (d) State-chartered depository institutions A State-chartered depository institution chartered under the banking laws of…

    Enrolled excerpt

    …credit union supervisor. (d) State-chartered depository institutions (1) In general A depository institution chartered under the banking laws of a…

    Earlier excerpt

    …union supervisor. (d) State-chartered depository institutions A State-chartered depository institution chartered under the banking laws of a State…

    Enrolled excerpt

    …) State-chartered depository institutions (1) In general A depository institution chartered under the banking laws of a State…

    Earlier excerpt

    …depository institution chartered under the banking laws of a State shall not be required to obtain a charter, license, or other authorization to do business from a State to engage in the business of money transmission, the issuance…

    Enrolled excerpt

    …depository institution chartered under the banking laws of a State, that has a subsidiary that is a permitted payment stablecoin issuer, may engage in the business of money transmission or provide custodial…

13. Wording changed

    EarlierSec. 17 · Amendments to clarify that payment stablecoins are not securities or commodities and permitted payment stablecoin issuers are not investment companies

    EnrolledSec. 17 · Amendments to clarify that payment stablecoins are not securities or commodities and permitted payment stablecoin issuers are not investment companies

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    Earlier excerpt

    …. 80a–1 et seq.) is amended— (1) in section 2(a)(…

    Enrolled excerpt

    …. 80a–1 et seq.) is amended (1) in section 2(a)(…

    Earlier excerpt

    …are defined in section 2 of the GENIUS Act.

    Enrolled excerpt

    …are defined in section 2 of the GENIUS Act..

14. Wording changed

    EarlierSec. 18 · Exception for foreign payment stablecoin issuers and reciprocity for payment stablecoins issued in overseas jurisdictions

    EnrolledSec. 18 · Exception for foreign payment stablecoin issuers and reciprocity for payment stablecoins issued in overseas jurisdictions

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    Earlier excerpt

    …arrangement established pursuant to subsection (d). (b) Treasury determination (1) In general The…

    Enrolled excerpt

    …arrangement established pursuant to subsection (d). (4) The foreign country in which the foreign payment stablecoin issuer is domiciled and regulated is not subject to comprehensive economic sanctions by the United States or in a jurisdiction that the Secretary of…

    Earlier excerpt

    …1) In general The Secretary of the Treasury may, in consultation with the Federal payment stablecoin regulators, make a determination as to whether a foreign country has…

    Enrolled excerpt

    …1) In general The Secretary of the Treasury may make a determination as to whether a foreign country has…

    Earlier excerpt

    …a foreign country has a regulatory and supervisory regime that is comparable to the requirements established under this Act,…

    Enrolled excerpt

    …a foreign country has a regulatory and supervisory regime that is comparable to the requirements established under this Act, including the requirements under section 4(a). The Secretary of the Treasury may make such a determination only upon a recommendation from…

15. Wording changed · Number or location changed

    EarlierSec. 19 · Effective date

    EnrolledSec. 20 · Effective date

    Paired by unique heading

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    Earlier excerpt

    …this Act, shall take effect on the earlier of— (1) the date that is 18 months after…

    Enrolled excerpt

    …this Act, shall take effect on the earlier of (1) the date that is 18 months after…

Enrolled provisions without a confident pair · 1

These provisions are listed in their source order. Some may correspond to differently worded or reorganized provisions in the other version.

1. Sec. 19 · Disclosure relating to payment stablecoins

   Section 13104(a)(3) of title 5, United States Code, is amended, in the first sentence, by striking , or…