GENIUS ACT - Non-Depository
State Qualified Payment Stablecoin Issuers
The Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act establishes a regulatory framework governing activity relating to payment stablecoins in the United States[1] and prohibits “any person other than a permitted payment stablecoin issuer to issue a payment stablecoin in the United States.”
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[1] See Title 12, Chapter 56 of the United States Code, Regulation Of Payment Stablecoins.
Effective Date
The law goes into effect on the earlier of January 18, 2027, or the date that is 120 days after the date on which the primary Federal payment stablecoin regulators issue any final regulations implementing the Act.
Rulemaking
The primary Federal payment stablecoin regulators, Secretary of the Treasury, and State payment stablecoin regulators are mandated with promulgating rules to carry out the Act no later than July 18, 2026.
State Supervision
The Department of Banking currently licenses and regulates issuers of fiat-currency backed stablecoin as money transmitters, pursuant to Chapter 152 of the Texas Finance Code. The Department intends to continue regulating these entities in Texas in a manner consistent with the GENIUS Act and regulations adopted thereto.
Pursuant to Texas Finance Code § 152.059, the Commissioner will issue interpretive guidance as necessary to identify inconsistencies between the state and federal regulation and prescribe the appropriate means of compliance with the federal law.