§5915. Authority of banking institutions

12 U.S.C. § 5915

(a)

Rule of construction— Nothing in this chapter may be construed to limit the authority of a depository institution, Federal credit union, State credit union, national bank, or trust company to engage in activities permissible pursuant to applicable State and Federal law, including—

(1)

accepting or receiving deposits or shares (in the case of a credit union), and issuing digital assets that represent those deposits or shares;

(2)

utilizing a distributed ledger for the books and records of the entity and to effect intrabank transfers; and

(3)

providing custodial services for payment stablecoins, private keys of payment stablecoins, or reserves backing payment stablecoins.

(b)

Regulatory review— Entities regulated by the primary Federal payment stablecoin regulators are authorized to engage in the payment stablecoin activities and investments contemplated by this chapter, including acting as a principal or agent with respect to any payment stablecoin and payment of fees to facilitate customer transactions. The primary Federal payment stablecoin regulators shall review all existing guidance and regulations, and if necessary, amend or promulgate new regulations and guidance, to clarify that regulated entities are authorized to engage in such activities and investments.

(c)

Treatment of custody activities— The appropriate Federal banking agency, the National Credit Union Administration (in the case of a credit union), and the Securities and Exchange Commission may not require a depository institution, national bank, Federal credit union, State credit union, or trust company, or any affiliate thereof—

(1)

to include digital assets held in custody that are not owned by the entity as a liability on the financial statement or balance sheet of the entity, including payment stablecoin custody or safekeeping activities; or

(2)

to hold in custody or safekeeping regulatory capital against digital assets and reserves backing such assets described in section 5903(a)(1)(A) of this title, except as necessary to mitigate against operational risks inherent in custody or safekeeping services, as determined by—

(A)

the appropriate Federal banking agency;

(B)

the National Credit Union Administration (in the case of a credit union);

(C)

a State bank supervisor; or

(D)

a State credit union supervisor.

(d)

State-chartered depository institutions—

(1)

In general— A depository institution chartered under the banking laws of a State, that has a subsidiary that is a permitted payment stablecoin issuer, may engage in the business of money transmission or provide custodial services through the permitted payment stablecoin issuer in any State if such State-chartered depository institution is—

(A)

required by the laws or regulations of the home State to establish and maintain adequate liquidity, and such liquidity is regularly reassessed by the home State banking supervisor to take into account any changes in the financial condition and risk profile of the institution, including any uninsured deposits maintained by such institution; and

(B)

required by the laws or regulations of the home State to establish and maintain adequate capital, and such capital is regularly reassessed by the home State banking supervisor to take into account any changes in the financial condition and risk profile of the institution, including any uninsured deposits maintained by such institution.

(2)

Rule of construction— Nothing in this section shall limit, or be construed to limit, the authority of a host State bank regulator, to perform examinations of a depository institution’s subsidiary permitted payment stablecoin issuer or activities conducted through the permitted payment stablecoin issuer to ensure compliance with host State consumer protection laws that the host State bank regulator has specific jurisdiction to enforce, which shall apply to such institution consistent with section 5906(f) of this title.

(e)

Definitions— In this section:

(1)

Home State— The term “home State” means the State by which the depository institution is chartered.

(2)

Host State— The term “host State” means a State in which a depository institution establishes a branch, solicits customers, or otherwise engages in business activities, other than the home State.

Notes, amendments, and revision history

(Pub. L. 119–27, § 16, July 18, 2025, 139 Stat. 461.)

Delayed Effective Date of Section

For delayed effective date of section, see Effective Date note below.

Editorial Notes

References in Text

This chapter, referred to in subsecs. (a) and (b), 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 under section 5901 of this title and Tables.

Statutory Notes and Related Subsidiaries

Effective Date

Section effective on the earlier of the date that is 18 months after July 18, 2025, or the date that is 120 days after the date on which the primary Federal payment stablecoin regulators issue any final regulations implementing Pub. L. 119–27, see section 20 of Pub. L. 119–27, set out as a note under section 5901 of this title.