12 U.S.C. § 5901 (BANKS AND BANKING)
§ 5901. Definitions
In this chapter:
(1) Appropriate Federal banking agency
The term “appropriate Federal banking agency” has the meaning given that term in section 1813 of this title.
(2) Bank Secrecy Act
The term “Bank Secrecy Act” means—
(A) section 1829b of this title;
(B) chapter 2 of title I of Public Law 91–508 (12 U.S.C. 1951 et seq.); and
(C) subchapter II of chapter 53 of title 31.
(3) Board
The term “Board” means the Board of Governors of the Federal Reserve System.
(4) Comptroller
The term “Comptroller” means the Office of the Comptroller of the Currency.
(5) Corporation
The term “Corporation” means the Federal Deposit Insurance Corporation.
(6) Digital asset
The term “digital asset” means any digital representation of value that is recorded on a cryptographically secured distributed ledger.
(7) Digital asset service provider
The term “digital asset service provider”—
(A) means a person that, for compensation or profit, engages in the business in the United States (including on behalf of customers or users in the United States) of—
(i) exchanging digital assets for monetary value;
(ii) exchanging digital assets for other digital assets;
(iii) transferring digital assets to a third party;
(iv) acting as a digital asset custodian; or
(v) participating in financial services relating to digital asset issuance; and
(B) does not include—
(i) a distributed ledger protocol;
(ii) developing, operating, or engaging in the business of developing distributed ledger protocols or self-custodial software interfaces;
(iii) an immutable and self-custodial software interface;
(iv) developing, operating, or engaging in the business of validating transactions or operating a distributed ledger; or
(v) participating in a liquidity pool or other similar mechanism for the provisioning of liquidity for peer-to-peer transactions.
(8) Distributed ledger
The term “distributed ledger” means technology in which data is shared across a network that creates a public digital ledger of verified transactions or information among network participants and cryptography is used to link the data to maintain the integrity of the public ledger and execute other functions.
(9) Distributed ledger protocol
The term “distributed ledger protocol” means publicly available and accessible executable software deployed to a distributed ledger, including smart contracts or networks of smart contracts.
(10) Federal branch
The term “Federal branch” has the meaning given that term in section 1813 of this title.
(11) Federal qualified payment stablecoin issuer
The term “Federal qualified payment stablecoin issuer” means—
(A) a nonbank entity, other than a State qualified payment stablecoin issuer, approved by the Comptroller, pursuant to section 5904 of this title, to issue payment stablecoins;
(B) an uninsured national bank—
(i) that is chartered by the Comptroller, pursuant to title LXII of the Revised Statutes; and
(ii) that is approved by the Comptroller, pursuant to section 5904 of this title, to issue payment stablecoins; and
(C) a Federal branch that is approved by the Comptroller, pursuant to section 5904 of this title, to issue payment stablecoins.
(12) Foreign payment stablecoin issuer
The term “foreign payment stablecoin issuer” means an issuer of a payment stablecoin that is—
(A) organized under the laws of or domiciled in a foreign country, a territory of the United States, Puerto Rico, Guam, American Samoa, or the Virgin Islands; and
(B) not a permitted payment stablecoin issuer.
(13) Institution-affiliated party
With respect to a permitted payment stablecoin issuer, the term “institution-affiliated party” means any director, officer, employee, or controlling stockholder of the permitted payment stablecoin issuer.
(14) Insured credit union
The term “insured credit union” has the meaning given that term in section 1752 of this title.
(15) Insured depository institution
The term “insured depository institution” means—
(A) an insured depository institution, as defined in section 1813 of this title; and
(B) an insured credit union.
(16) Lawful order
The term “lawful order” means any final and valid writ, process, order, rule, decree, command, or other requirement issued or promulgated under Federal law, issued by a court of competent jurisdiction or by an authorized Federal agency pursuant to its statutory authority, that—
(A) requires a person to seize, freeze, burn, or prevent the transfer of payment stablecoins issued by the person;
(B) specifies the payment stablecoins or accounts subject to blocking with reasonable particularity; and
(C) is subject to judicial or administrative review or appeal as provided by law.
(17) Monetary value
The term “monetary value” means a national currency or deposit (as defined in section 1813 of this title) denominated in a national currency.
(18) Money
The term “money”—
(A) means a medium of exchange currently authorized or adopted by a domestic or foreign government; and
(B) includes a monetary unit of account established by an intergovernmental organization or by agreement between 2 or more countries.
(19) National currency
The term “national currency” means each of the following:
(A) A Federal Reserve note (as the term is used in section 411 of this title).
(B) Money standing to the credit of an account with a Federal Reserve Bank.
(C) Money issued by a foreign central bank.
(D) Money issued by an intergovernmental organization pursuant to an agreement by 2 or more governments.
(20) Nonbank entity
The term “nonbank entity” means a person that is not a depository institution or subsidiary of a depository institution.
(21) Offer
The term “offer” means to make available for purchase, sale, or exchange.
(22) Payment stablecoin
The term “payment stablecoin”—
(A) means a digital asset—
(i) that is, or is designed to be, used as a means of payment or settlement; and
(ii) the issuer of which—
(I) is obligated to convert, redeem, or repurchase for a fixed amount of monetary value, not including a digital asset denominated in a fixed amount of monetary value; and
(II) represents that such issuer will maintain, or create the reasonable expectation that it will maintain, a stable value relative to the value of a fixed amount of monetary value; and
(B) does not include a digital asset that—
(i) is a national currency;
(ii) is a deposit (as defined in section 1813 of this title), including a deposit recorded using distributed ledger technology; or
(iii) is a security, as defined in section 77b of title 15, section 78c of title 15, or section 80a–2 of title 15, except that, for the avoidance of doubt, no bond, note, evidence of indebtedness, or investment contract that was issued by a permitted payment stablecoin issuer shall qualify as a security solely by virtue of its satisfying the conditions described in subparagraph (A), consistent with section 17 of this Act.
(23) Permitted payment stablecoin issuer
The term “permitted payment stablecoin issuer” means a person formed in the United States that is—
(A) a subsidiary of an insured depository institution that has been approved to issue payment stablecoins under section 5904 of this title;
(B) a Federal qualified payment stablecoin issuer; or
(C) a State qualified payment stablecoin issuer.
(24) Person
The term “person” means an individual, partnership, company, corporation, association, trust, estate, cooperative organization, or other business entity, incorporated or unincorporated.
(25) Primary Federal payment stablecoin regulator
The term “primary Federal payment stablecoin regulator” means—
(A) with respect to a subsidiary of an insured depository institution (other than an insured credit union), the appropriate Federal banking agency of such insured depository institution;
(B) with respect to an insured credit union or a subsidiary of an insured credit union, the National Credit Union Administration;
(C) with respect to a State chartered depository institution not specified under subparagraph (A), the Corporation, the Comptroller, or the Board; and
(D) with respect to a Federal qualified payment stablecoin issuer, the Comptroller.
(26) Registered public accounting firm
The term “registered public accounting firm” has the meaning given that term under section 7201 of title 15.
(27) Stablecoin Certification Review Committee
The term “Stablecoin Certification Review Committee” means the committee of that name and having the functions as provided in this chapter—
(A) of which—
(i) the Secretary of the Treasury shall serve as Chair; and
(ii) the Chair of the Board (or the Vice Chair for Supervision, as delegated by the Chair of the Board), and the Chair of the Corporation shall serve as members; and
(B) which, unless otherwise specified in this chapter, shall act by ⅔ vote of its members at any meeting called by the Chair or by unanimous written consent.
(28) State
The term “State” means each of the several States of the United States, the District of Columbia, and each territory of the United States.
(29) State chartered depository institution
The term “State chartered depository institution” has the meaning given the term “State depository institution” in section 1813(c) of this title.
(30) State payment stablecoin regulator
The term “State payment stablecoin regulator” means a State agency that has primary regulatory and supervisory authority in such State over entities that issue payment stablecoins.
(31) State qualified payment stablecoin issuer
The term “State qualified payment stablecoin issuer” means an entity that—
(A) is legally established under the laws of a State and approved to issue payment stablecoins by a State payment stablecoin regulator; and
(B) is not an uninsured national bank chartered by the Comptroller pursuant to title LXII of the Revised Statutes, a Federal branch, an insured depository institution, or a subsidiary of such national bank, Federal branch, or insured depository institution.
(32) Subsidiary
The term “subsidiary” has the meaning given that term in section 1813 of this title.
(33) Subsidiary of an insured credit union
With respect to an insured credit union, the term “subsidiary of an insured credit union” means—
(A) an organization providing services to the insured credit union that are associated with the routine operations of credit unions, as described in section 1757(7)(I) of this title;
(B) a credit union service organization, as such term is used under part 712 of title 12, Code of Federal Regulations, with respect to which the insured credit union has an ownership interest or to which the insured credit union has extended a loan; and
(C) a subsidiary of a State chartered insured credit union authorized under State law.
(Pub. L. 119–27, § 2, July 18, 2025, 139 Stat. 419.)
heading: Delayed Effective Date of Section
text: For delayed effective date of section, see Effective Date note below.
heading: Editorial Notes
heading: References in Text
text: This chapter, referred to in text, was in the original “this Act”, meaning Pub. L. 119–27, July 18, 2025, 139 Stat. 419, known as the Guiding and Establishing National Innovation for U.S. Stablecoins Act and also as the GENIUS Act, which is classified principally to this chapter. For complete classification of this Act to the Code, see Short Title note set out below and Tables.
Title LXII of the Revised Statutes, referred to in pars. (11)(B)(i) and (31)(B), consists of R.S. §§ 5133 to 5244, which are classified to sections 16, 21, 22 to 24a, 25a, 25b, 26, 27, 29, 35 to 37, 39, 43, 52, 53, 55 to 57, 59 to 62, 66, 71, 72 to 76, 81, 83 to 86, 90, 91, 93, 93a, 94, 141 to 144, 161, 164, 181, 182, 192 to 194, 196, 215c, 481 to 485, 501, 541, 548, and 582 of this title. See, also, sections 8, 333, 334, 475, 656, 709, 1004, and 1005 of Title 18, Crimes and Criminal Procedure. For complete classification of R.S. §§ 5133 to 5244 to the Code, see Tables.
Section 17 of this Act, referred to in par. (22)(B)(iii), is section 17 of Pub. L. 119–27, which amended section 1a of Title 7, Agriculture, and sections 77b, 78c, 78lll, 80a–2, 80a–3, and 80b–2 of Title 15, Commerce and Trade.
heading: Statutory Notes and Related Subsidiaries
heading: Effective Date
text: Pub. L. 119–27, § 20, July 18, 2025, 139 Stat. 466, provided that:
“This Act [see Short Title note set out below], and the amendments made by this Act, shall take effect on the earlier of
“(1) the date that is 18 months after the date of enactment of this Act [July 18, 2025]; or
“(2) the date that is 120 days after the date on which the primary Federal payment stablecoin regulators issue any final regulations implementing this Act.”
heading: Short Title
text: Pub. L. 119–27, § 1, July 18, 2025, 139 Stat. 419, provided that: “This Act [enacting this chapter, amending section 1 of this title, section 13104 of Title 5, Government Organization and Employees, section 1a of Title 7, Agriculture, sections 101, 362, 507, 541, and 1109 of Title 11, Bankruptcy, and sections 77b, 78c, 78lll, 80a–2, 80a–3, 80b–2 of Title 15, Commerce and Trade, and enacting provisions set out as a note under this section] may be cited as the ‘Guiding and Establishing National Innovation for U.S. Stablecoins Act’ or the ‘GENIUS Act’.”