GENIUS Act section 3: it is unlawful for anyone other than a permitted payment stablecoin issuer (an approved insured depository institution subsidiary, a federal qualified issuer or a state qualified issuer) to issue a payment stablecoin in the United States, with fines up to $1 million per violation and imprisonment for knowing violations; from three years after enactment (18 July 2028) digital asset service providers may not offer or sell payment stablecoins to U.S. persons unless issued by a permitted issuer, and foreign issuers' coins only if the issuer can and will comply with lawful orders; non-permitted stablecoins are not cash equivalents for accounting, margin or settlement.
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