A payment stablecoin from a permitted issuer is not a security
To provide for the regulation of payment stablecoins, and for other purposes, section 17, Sec. 17.
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A payment stablecoin from a permitted issuer is not a security
The document says “is amended”Who acts: CongressHow: statuteSec. 17 in the PDF
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.”
That sentence, in plain words
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.
What this is about
The same line is added to five older laws. Those laws govern stocks and bonds. None of them is part of this site.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.
Guiding and Establishing National Innovation for U.S. Stablecoins Act, Public Law 119-27, sec. 17, 139 Stat. 462 (2025). https://www.govinfo.gov/content/pkg/PLAW-119publ27/html/PLAW-119publ27.htm
This page
“A payment stablecoin from a permitted issuer is not a security,” Guiding and Establishing National Innovation for U.S. Stablecoins Act, section 17, Sec. 17. Read the Mandate, https://readthemandate.org/guiding-establishing-national-innovation-u-s/proposal/sec17-not-a-security/ (retrieved October 10, 2026).
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