{"entity":{"id":2305,"slug":"genius-act","name":"GENIUS Act","type":"instrument","role":"2025 US law establishing stablecoin reserve backing requirements","description":null,"imageUrl":"https://upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Great_Seal_of_the_United_States_%28obverse%29.svg/330px-Great_Seal_of_the_United_States_%28obverse%29.svg.png","createdAt":"2026-04-11T20:17:31.675Z","updatedAt":"2026-06-17T16:51:42.096Z"},"electedOffice":null,"significance":{"score":13,"components":{"totalFindings":0,"connectionDegree":8,"recentFindings90d":0,"activeResearchJobs":0,"goblinAttributions":4,"recentSyntheses90d":0,"moneyFlowChainsTotal":1,"closedLoopMemberships":0,"moneyFlowHopsRecent90d":0},"computedAt":"2026-10-15T01:32:54.708Z"},"facts":[{"id":41565,"text":"Coinbase reached a deal with Senate Banking Committee leadership in May 2026 on Section 404 of the CLARITY Act to explicitly protect 'activity-based rewards' calculated by balance or tenure, effectively codifying the rewards model previously operating in the GENIUS Act's legal gray area.","confidence":"secondary","dateOccurred":"2026-05-02","source":null},{"id":42897,"text":"The Treasury Department's April 2026 FOIA denial formally acknowledges for the first time the existence of 'non-public technical assistance records' shared between industry-adjacent regulators and legislative staff during the GENIUS Act drafting phase.","confidence":"primary","dateOccurred":"2026-04-12","source":null},{"id":41710,"text":"In April 2026, the Treasury Department denied a FOIA request for 'technical assistance' notes sent to Senate Banking staff, citing the deliberative process privilege.","confidence":"primary","dateOccurred":"2026-04-12","source":null},{"id":42898,"text":"Internal White House Council of Economic Advisers (CEA) memos from April 2026 identified Section 4(a)(11) as a 'structurally opaque provision' that had bypassed standard staff-level economic impact modeling during its committee markup.","confidence":"secondary","dateOccurred":"2026-04-08","source":null},{"id":41564,"text":"A White House CEA report in April 2026 estimated that the 'stablecoin yield loophole' in the GENIUS Act could result in a 0.02% decrease in total bank lending if not corrected by subsequent legislation like the CLARITY Act.","confidence":"primary","dateOccurred":"2026-04-08","source":null},{"id":41340,"text":"In March 2026, Coinbase and Senate Banking Committee leadership reached a specific 'deal' on stablecoin yield language to resolve a standoff that had stalled the market-structure CLARITY Act.","confidence":"secondary","dateOccurred":"2026-03-15","source":null},{"id":14621,"text":"GENIUS Act filed filing with the SEC on 2026-03-09. Accession number: N/A.","confidence":"inferential","dateOccurred":"2026-03-09","source":{"title":"SEC EDGAR: filing — GENIUS Act (2026-03-09)","url":"https://efts.sec.gov/LATEST/search-index?q=%22GENIUS%20Act%22&dateRange=custom&forms=4,SC%2013D,SC%2013G,DEF%2014A,10-K,10-Q","publication":"SEC EDGAR"}},{"id":41563,"text":"The OCC's February 2026 NPRM proposes an 'anti-evasion presumption' that would treat yield paid by an affiliate (like an exchange) as if it were paid directly by the stablecoin issuer, targeting the revenue-sharing model enabled by the GENIUS Act.","confidence":"primary","dateOccurred":"2026-02-25","source":null},{"id":41341,"text":"The OCC implementation NPRM released in February 2026 explicitly targets the Coinbase/Circle USDC revenue-sharing model as a potential violation of the GENIUS Act’s interest prohibition.","confidence":"primary","dateOccurred":"2026-02-25","source":null},{"id":41339,"text":"The GENIUS Act was signed into law on July 18, 2025, and includes a dual-licensing regime that allows nonbank issuers to be chartered as 'Federal Qualified Payment Stablecoin Issuers' (FQPSIs) by the OCC.","confidence":"primary","dateOccurred":"2025-07-18","source":null},{"id":41709,"text":"The official Senate Banking Committee Report (119-32) for the GENIUS Act omits all internal staff memoranda regarding the competitive impact of the $10 billion state-regulator threshold.","confidence":"primary","dateOccurred":"2025-06-15","source":null},{"id":40266,"text":"The bill structure tracks the high-level architecture advocated by the Coinbase, Circle, and broader crypto industry policy filings throughout 2023-2024.","confidence":"secondary","dateOccurred":"2024-06-15","source":null},{"id":40267,"text":"Senate Banking Committee markup of the GENIUS Act in 2024 occurred during a cycle in which the Fairshake PAC network spent heavily in primaries involving Senate candidates positioned to vote on the bill.","confidence":"secondary","dateOccurred":"2024-06-15","source":{"title":"Fairshake — 2024 Cycle Summary","url":"https://www.opensecrets.org/political-action-committees-pacs/fairshake/C00835959/summary/2024","publication":"OpenSecrets"}},{"id":40265,"text":"The GENIUS Act explicitly preempts certain state-level money-transmission requirements for federally-licensed payment stablecoin issuers, advantaging incumbent issuers with the resources to pursue federal licensure.","confidence":"secondary","dateOccurred":"2024-06-15","source":{"title":"S.4155 — Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act of 2024","url":"https://www.congress.gov/bill/118th-congress/senate-bill/4155","publication":"Congress.gov"}},{"id":39455,"text":"The Fairshake super-PAC network's 2024 spending was concentrated in races involving members positioned to vote on the GENIUS Act and related digital-asset legislation.","confidence":"secondary","dateOccurred":"2024-06-15","source":{"title":"Fairshake — 2024 Cycle Summary","url":"https://www.opensecrets.org/political-action-committees-pacs/fairshake/C00835959/summary/2024","publication":"OpenSecrets"}},{"id":40263,"text":"The GENIUS Act establishes a federal payment-stablecoin regime with reserve composition rules and a dual federal/state issuer-licensing structure.","confidence":"primary","dateOccurred":"2024-04-17","source":{"title":"S.4155 — Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act of 2024","url":"https://www.congress.gov/bill/118th-congress/senate-bill/4155","publication":"Congress.gov"}},{"id":40264,"text":"S.4155 (the GENIUS Act) was introduced by Sen. Bill Hagerty on 17 April 2024 with Sens. Kirsten Gillibrand, Cynthia Lummis, and Tim Scott as original co-sponsors.","confidence":"primary","dateOccurred":"2024-04-17","source":{"title":"S.4155 — Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act of 2024","url":"https://www.congress.gov/bill/118th-congress/senate-bill/4155","publication":"Congress.gov"}},{"id":39454,"text":"The GENIUS Act establishes a federal regulatory regime for payment stablecoins, including reserve requirements and a dual federal/state issuer-licensing structure.","confidence":"primary","dateOccurred":"2024-04-17","source":{"title":"S.4155 — Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act of 2024","url":"https://www.congress.gov/bill/118th-congress/senate-bill/4155","publication":"Congress.gov"}},{"id":39453,"text":"S.4155, the GENIUS Act of 2024, was introduced by Sen. Bill Hagerty on 17 April 2024 with Sens. Kirsten Gillibrand, Cynthia Lummis, and Tim Scott as original co-sponsors.","confidence":"primary","dateOccurred":"2024-04-17","source":{"title":"S.4155 — Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act of 2024","url":"https://www.congress.gov/bill/118th-congress/senate-bill/4155","publication":"Congress.gov"}},{"id":40269,"text":"Evidence gap: The list of outside counsel firms that participated in drafting the GENIUS Act on behalf of Coinbase, Circle, and other industry stakeholders has not been disclosed.","confidence":"inferential","dateOccurred":null,"source":null},{"id":40268,"text":"Evidence gap: The redline trail showing which industry comments shaped which sections of the GENIUS Act between introduction and committee passage is not in the public record.","confidence":"inferential","dateOccurred":null,"source":null},{"id":40270,"text":"Evidence gap: Internal Senate Banking staff drafting memoranda for the GENIUS Act have not been released.","confidence":"inferential","dateOccurred":null,"source":null},{"id":39456,"text":"Evidence gap: The redline trail showing which industry comments shaped which sections of the GENIUS Act between its introduction and committee passage is not in the public record.","confidence":"inferential","dateOccurred":null,"source":null}],"connections":[{"id":16719,"relationshipType":"industry advocate","description":"The bill structure tracks the high-level architecture advocated by Coinbase, Circle, and broader crypto industry policy filings throughout 2023-2024, which includes a16z as a major crypto investor.","confidence":"inferential","firstDocumented":"2023","lastDocumented":null,"other":{"id":120,"name":"Andreessen Horowitz (a16z)","slug":"andreessen-horowitz-a16z","type":"company"}},{"id":16717,"relationshipType":"PAC network spending influence","description":"The Fairshake super-PAC network's 2024 spending was concentrated in races involving members positioned to vote on the GENIUS Act; Defend American Jobs is part of this network.","confidence":"inferential","firstDocumented":"2024","lastDocumented":null,"other":{"id":29191,"name":"Defend American Jobs","slug":"defend-american-jobs-pac","type":"institution"}},{"id":19438,"relationshipType":"voted against legislation","description":"Davids voted against the GENIUS Act stablecoin bill in July 2025.","confidence":"primary","firstDocumented":"2025","lastDocumented":null,"other":{"id":11076,"name":"Sharice Davids","slug":"congress-d000629","type":"person"}},{"id":19173,"relationshipType":"legislation supported","description":"Balderson supported the GENIUS Act as one of his 7 pro-crypto votes cited by Stand With Crypto.","confidence":"primary","firstDocumented":"2024","lastDocumented":null,"other":{"id":11087,"name":"Troy Balderson","slug":"congress-b001306","type":"person"}},{"id":19121,"relationshipType":"competitor","description":"Durbin voted nay on the GENIUS Act (stablecoin regulation) in June 2025, calling it a 'shameful' bill that 'enables the President and his family to continue owning, issuing, and profiting off of stablecoins.'","confidence":"primary","firstDocumented":"2025","lastDocumented":null,"other":{"id":10778,"name":"Richard J. 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