S. 1582, the "Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act," would regulate cryptocurrency stablecoins, digital assets used as a means of payment redeemable for a fixed amount of currency. It requires stablecoin issuers to apply to the Federal Deposit Insurance Corporation (FDIC) to be a "permitted payment stablecoin issuer" and maintain 1:1 reserves in approved assets. Additionally, it empowers the Federal Reserve Board, FDIC, Office of the Comptroller of the Currency, and Department of the Treasury to oversee permitted stablecoin issuers.

The Senate passed S. 1582 on June 17, 2025 by a vote of 68 to 30 (Roll Call 318). We have assigned pluses to the nays because the GENIUS Act expands government surveillance and control over private financial activities, creating a backdoor to a central bank digital currency. Article I, Section 8 of the Constitution does not permit Congress to regulate the financial sector, and the Fourth Amendment protects individuals from unreasonable searches and unwarranted government surveillance.