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GENIUS Act

Annual financial statement audit above the fifty-billion-dollar threshold

GENIUS Act section 4(a)(10) requires an issuer with more than fifty billion dollars in consolidated outstanding issuance, and not already reporting under the Securities Exchange Act, to prepare an annual financial statement audited by a registered public accounting firm under PCAOB standards. ReserveBeat neither performs nor reviews such an audit.

Statutory text, verbatim

Citation
GENIUS Act § 4(a)(10)
Document
S. 1582 ENROLLED (119th Congress)
Retrieved
2026-07-25

Quoted exactly as it appears in the enrolled bill, including its line breaks and indentation. ReserveBeat does not re-wrap, edit, or abridge statutory text.

(10) Audits and reports.--
            (A) Annual financial statement.--
                (i) In general.--A permitted payment stablecoin issuer 
            with more than $50,000,000,000 in consolidated total 
            outstanding issuance, that is not subject to the reporting 
            requirements under section 13(a) or 15(d) of the Securities 
            and Exchange Act of 1934 (15 U.S.C. 78m, 78o(d)), shall 
            prepare, in accordance with generally accepted accounting 
            principles, an annual financial statement, which shall 
            include the disclosure of any related party transactions, 
            as defined by such generally accepted accounting 
            principles.
                (ii) Auditor.--A registered public accounting firm 
            shall perform an audit of the annual financial statements 
            described in clause (i).
                (iii) Standards.--An audit described in clause (ii) 
            shall be conducted in accordance with all applicable 
            auditing standards established by the Public Company 
            Accounting Oversight Board, including those relating to 
            auditor independence, internal controls, and related party 
            transactions.
                (iv) Rule of construction.--Nothing in this 
            subparagraph shall be construed to limit, alter, or expand 
            the jurisdiction of the Public Company Accounting Oversight 
            Board over permitted payment stablecoin issuers or 
            registered public accounting firms.
            (B) Public disclosure and submission to federal 
        regulators.--Each permitted payment stablecoin issuer required 
        to prepare an audited annual financial statement under 
        subparagraph (A) shall--
                (i) make such audited financial statements publicly 
            available on the website of the permitted payment 
            stablecoin issuer; and
                (ii) submit such audited financial statements annually 
            to their primary Federal payment stablecoin regulator.
            (C) Consultation.--The primary Federal payment stablecoin 
        regulators may consult with the Public Company Accounting 
        Oversight Board to determine best practices for determining 
        audit oversight and to detect fraud, material misstatements, 
        and other financial misrepresentations that could mislead 
        permitted payment stablecoin holders.

What ReserveBeat does with this

ReserveBeat holds no audited financial statements and publishes no audit opinion. What the coverage board does carry is the consolidated group scope an issuer states in its own disclosure, which is the same scope this paragraph's threshold turns on; where an issuer reports on a consolidated basis, the board says so rather than inventing a per-token figure.

Terms used in this provision

Definitions live in the learn section. ReserveBeat defines terms in one place and links to it.

How ReserveBeat reconciles what issuers publish

How every published figure is derived

This page is a pointer to primary law, not legal advice. ReserveBeat is not a law firm and takes no position on how any provision applies to any issuer. Read the statute.

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Reviewed

Questions

Common questions

Is this the full text of the GENIUS Act?

No. Seven provisions are published here, sliced from the enrolled bill S. 1582 and quoted verbatim. The full Act is at the source link on every provision page.

Does ReserveBeat check whether an issuer meets these requirements?

No. ReserveBeat reconciles what an issuer publishes against what is observable on-chain and prepares evidence for a registered public accounting firm. It takes no position on any issuer's legal status.

Where did this text come from?

It was retrieved once from congress.gov, on the date shown on each page, and committed to this repository as a citable file. Pages render from that file, so the text cannot drift between readings.

Is this legal advice?

No. ReserveBeat is not a law firm. These pages point at primary law and describe what this product measures; they do not interpret the statute or apply it to anyone.