A payment stablecoin from a permitted issuer is not a security
What the document says“The term `security' does not include a payment stablecoin issued by a permitted payment stablecoin issuer, as such terms are defined in section 2 of the GENIUS Act.”
Subsections (a) through (e). The same sentence is added to the definition of security in five statutes: section 202(a)(18) of the Investment Advisers Act of 1940 (15 U.S.C. 80b-2(a)(18)), section 2(a)(36) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(36)), section 2(a)(1) of the Securities Act of 1933 (15 U.S.C. 77b(a)(1)), section 3(a)(10) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(10)), and section 16(14) of the Securities Investor Protection Act of 1970 (15 U.S.C. 78lll(14)). Section 2(22)(B)(iii) of this Act makes the same point from the other direction.
What the document actually says“The term `security' does not include a payment stablecoin issued by a permitted payment stablecoin issuer, as such terms are defined in section 2 of the GENIUS Act.”
One kind of coin is taken out of the word security. That is a coin from a cleared maker. This law says what those words mean.
The same line is added to five older laws. Those laws govern stocks and bonds. None of them is part of this site.
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