# State and federal issuer paths

The GENIUS Act sets two supervision paths for permitted issuers: a federal path overseen by the relevant federal banking regulator, and a state path for issuers below a statutory issuance threshold under a state regime the Act deems sufficiently similar. Which path an issuer uses changes its supervisor, not its reserve and disclosure duties.

## Sources

- [GENIUS Act (S. 1582, 119th Congress) — congress.gov](https://www.congress.gov/bill/119th-congress/senate-bill/1582)

## Disclaimer

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Source: https://reservebeat.com/learn/state-federal-issuer-paths