CONGRESS FOR VOTERS

Bill Hagerty (R-TN)

In the nature of a substitute.

S.Amdt. 2307 · Senate amendment

A Republican amendment with 1 Democratic cosponsor · See the cosponsor

Changes S. 1582 — GENIUS Act

Last activity — Amendment SA 2307 agreed to in Senate by Yea-Nay Vote. 67 - 30. Record Vote Number: 311.

Adopted

67 yes 30 no

The Senate agreed to this amendment 67–30, so its changes are part of the bill from here on.

Its path through Congress

  1. Introduced
  2. Passed Senate
  3. Adopted

What this amendment would do

The amendment introduces the Guiding and Establishing National Innovation for U.S. Stablecoins Act or the GENIUS Act. The primary purpose of this legislation is to establish a clear regulatory framework for the issuance, regulation, and supervision of payment stablecoins within the United States.

Specifically, the amendment aims to change and add the following to the bill:

  • Restricts the issuance of payment stablecoins in the United States exclusively to permitted payment stablecoin issuers, which include approved subsidiaries of insured depository institutions, Federal qualified payment stablecoin issuers, and State qualified payment stablecoin issuers.

  • Requires stablecoin issuers to maintain identifiable reserves backed on at least a 1-to-1 basis with specific low-risk assets, such as U.S. coins and currency, demand deposits, and short-term Treasury bills.

  • Prohibits stablecoin issuers from paying interest or yield to holders solely in connection with holding, using, or retaining the payment stablecoin.

  • Subjects permitted payment stablecoin issuers to the Bank Secrecy Act and federal economic sanctions laws to prevent money laundering and terrorist financing.

  • Clarifies that payment stablecoins issued by permitted issuers are not securities or commodities, and explicitly bars convicted felons from serving as officers or directors of a stablecoin issuer.

What Congress actually voted on

3 recorded votes have been taken on this amendment. One of them decided something; the rest moved it along.

  • The Senate: a vote on a proposed change to the bill A vote on one change, not on the bill. A bill can collect dozens of these, and losing one does not stop it. Passed 67 yes · 30 no

    See who voted how →

    06/12/2025 · Roll call 311 · recorded as “On the Amendment S.Amdt. 2307 to S. 1582 (No short title on file)”