On June 17th 2025, the United States properly begins its journey into the digital assets’ world, by joining the multiple countries developing, modernizing and growing approval of tokenization and digital assets, from which El Salvador is a pioneering country in the area. The Guiding and Establishing National Innovation for U.S. Stablecoins Act, known as the Genius Act was approved by the Senate of the United States with 68 votes in its favor as a federal law, meaning the House of Representatives of the U.S. would consider the bill soon; together, both the United States House of Representatives and the U.S. Senate compose the bicameral United States Congress, and in conjunction they have the authority granted by the United States Constitution to pass federal legislation (known as bills). On July 18th of the same year, current president Donald Trump signed the Genius Act into Law, meaning its application is mandatory across all States and Territories.
Section 20 of the Genius Act states that the bill will take effect as the earliest between two options: 1) 18 months after the date of enactment of the Act; and, 2) 120 days after the date on which the primary Federal payment stablecoin regulators issue any final regulations implementing the Genius Act. The latter is uncertain when it will take place, therefore and most certainly, the earliest effective date of the Genius Act will be January 18th 2027.
While there is still over a year to go for the Genius Act to take effect, that is enough time for other countries that, due to geopolitical history and relationships, align consistently with the United States to catch up with the newly issued Law.
Although the Latin American region has aligned with the United States in multiple aspects, including legally – and yet to not be forgotten that not all do so – when it comes to this region, the small country of Central America that is El Salvador, went ahead the United States and began its legal journey with the regulation of digital assets as of early of 2021 with the adoption of Bitcoin as national currency (although currently it no longer is considered as a national currency yet it is still allowed to circulate, due to the demand made by the International Monetary Fund through the Agreement made with El Salvador in December 2024) and the still existing and growing ever stronger National Commission of Digital Assets and the implementation of multiple digital assets Laws and Regulations since 2023.
In consequence, it is only innate that the study of Genius Act of the United States was done, taking into account the important topics for the issuance of stablecoins, as well as the already existing and effective stablecoin laws and regulations from El Salvador to allow the comparison of both legislations to be done correctly hereunder.
Comparison of the Legal Requirements Between the United States’ Legislation and El Salvador’s Legislation
I - Similarities between the Legal Requirements between the U.S. Legislation and Salvadoran Legislation
II - Differences between the Legal Requirements between the U.S. Legislation and Salvadoran Legislation
As it is to be expected, no legislation from different jurisdictions, are ever entirely the same nor they could be. Laws dictate, but most importantly, reflect the people of different societies, cultures, regions, contexts, time periods and many other factors innate to their own essence. Which, it is as present between the legislations of the United States of America and the Republic of El Salvador – being the jurisdictions studied at hand.
Derived from the review of the two legal bodies, there are quite a few differences naturally observed. Starting with the official definitions as to what a stablecoin (or payment stablecoin) consists of, the types of issuers and their portfolio of activities, prohibitions or the lack of, and more, that are worth to be analyzed on its own and its own given time.
Conclusion
The globalization of the digital assets has grown significantly, and therefore, it has been a necessary response from different governments to regulate and standardize them. While it is still currently in its early phases globally, there is plenty of legislations available to study from and the countries of the United States and El Salvador do not fall behind.
For the issuance of stablecoins in El Salvador, the corresponding Regulations must be followed in order for the issuance to be authorized. Despite that, it can be seen that there are factors that were not taken into account by said Regulations that are seen in the Genius Act of the United States. It will be an interesting point to observe if the Republic of El Salvador will incorporate similar factors into their present active legislation, or go even further and better, if possible, to carry out a broader portfolio of activities locally and internationally.
eNor Securities is committed to be updated and be knowledgeable of every aspect that impacts and influences the sphere of digital assets. By being a leading company in the market, we are always open to new challenges and projects. If you are interested in getting to know more about the matter or are motivated to launch your own projects or dive into the world of digital assets, don’t hesitate to contact us.
Disclaimer: The present article is for educational purposes and must be strictly taken in consideration as such. In no shape or form should its content be considered as legal and/or structuring of projects advices.
Bibliografia
Guiding and Establishing National Innovation for U.S. Stablecoins Act (Genius Act), Senado dos Estados Unidos, Estados Unidos da América, 2025.
Regulations for Issuance of Stablecoin Public Offerings, Assembleia Legislativa de El Salvador, República de El Salvador, 2023.
Site da Comissão Nacional de Ativos Digitais, Documentação Requerida, Requisitos para Emissor de Stablecoin, Comissão Nacional de Ativos Digitais, link: https://cnad.gob.sv/documentation-library/requirements/#flipbook-stablecoin-issuer-requirements/1/.
