HB 1272: Banking and finance; licensing of payment stablecoin issuers; provisions

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Discussed in meetings (13)

The House and Senate meetings that took this bill up, from their machine transcripts. Each account was written by Georgia Commons with AI and is not part of the record; the video is what was said.

1. House Banks & Banking Committee, February 20, 2026

   From 0:18:42 · Watch on the General Assembly's Vimeo channel

   Summary by Georgia Commons: The sponsor said HB 1272 would establish state licensing and oversight of payment stablecoin issuers under the Department of Banking and Finance, aligned with the federal GENIUS Act. The sponsor argued that regulatory clarity would support Georgia’s financial technology industry. Members asked about licensing, community-bank deposits, funding, fraud, issuer failure and federal oversight. The sponsor said applicants would need licenses rather than bank charters, identified failure provisions and a $10 billion threshold, and said state oversight would remain linked to federal requirements. A witness for Stablecoin Partners said reserves held as bank deposits would not divert funds from banks. A witness for US Blockchain Corporation described segregated reserves held in trust for coin holders and requirements to prevent money laundering and verify customers. The sponsor said reserves must match coins one-for-one and could not be leveraged. One member remained unconvinced about fraud protections. Another asked about processing fees; an industry witness said digital transfers could cost fractions of a penny or a few pennies. A department representative called the framework workable but said additional funding and expertise would be needed. The committee approved the bill by voice vote, with no count stated.

2. House Rules Committee, February 25, 2026

   From 1:24:26 · Watch on the General Assembly's Vimeo channel

   Summary by Georgia Commons: The sponsor said HB 1272 would authorize stablecoin issuance under the federal GENIUS Act and make Georgia the first state to do so. The sponsor distinguished stablecoins from Bitcoin, saying each stablecoin would be backed by a U.S. dollar or a Treasury security with a term under 90 days. The sponsor argued that stablecoins could lower payment costs and improve cross-border transactions, citing a major bank's experience. A member asked whether the Georgia Department of Banking and Finance supported the bill. The sponsor said the department had testified in support. No scheduling decision was shown.

3. House floor session, March 4, 2026 (legislative day 27, PM, part 1)

   From 2:57:59 · Watch on the General Assembly's Vimeo channel · Confirmed by the 2026 House Journal, p. 1917

   Summary by Georgia Commons: The sponsor described state licensing and supervision of payment stablecoin issuers, aligned with the federal GENIUS Act. The sponsor explained stablecoins as digital currency backed one-for-one by dollars or short-term Treasury assets held separately for holders, rather than Bitcoin. The sponsor said the bill would require reserves, examinations, monthly valuation, anti-money-laundering controls and sanctions compliance, while promoting faster and cheaper payments. Asked whether the Department of Banking and Finance had sufficient training, the sponsor said the department supported the bill and would coordinate with federal authorities, without identifying existing trained staff. Another member asked for a plain-language explanation of stablecoins. A supporter cited 40,000 Georgia transaction-processing jobs, and the sponsor said median income in those jobs exceeds $100,000. During voting, another member questioned additional funding needs and said the department lacked stablecoin expertise. The chair said the chair had no knowledge of the department's position. The House passed the bill 154-16.

4. House Rules Committee, March 4, 2026

   From 0:35:36 · Watch on the General Assembly's Vimeo channel · Confirmed by the 2026 House Journal, p. 1881

   Summary by Georgia Commons: The committee added HB 1272 to the day's supplemental calendar under modified structured rules without stated opposition. No provisions were discussed.

5. Senate Banking and Financial Institutions Committee, March 24, 2026

   From 0:25:19 · Watch on the General Assembly's Vimeo channel

   Summary by Georgia Commons: The sponsor said the proposal closely follows the federal GENIUS Act and would let Georgia set an example for six other states considering similar legislation. The sponsor described Department of Banking oversight, including issuer background checks, financial reviews and monthly checks that reserves match outstanding stablecoins. A member requested a written explanation of stablecoins. The sponsor distinguished them from Bitcoin, saying stablecoins have dollar-for-dollar backing in dollars or Treasury bills rather than speculative value. Responding to security concerns, including a member’s references to FTX and Binance, the sponsor said reserves must remain separate, issuers cannot borrow against them or pay yield, and public-blockchain transactions can be monitored. The sponsor acknowledged that no system is completely fraud-proof. Another member asked about payment delays. The sponsor said transfers could take about a minute rather than days, including across borders. On borrowing, the sponsor said banks and credit unions could accept stablecoins as collateral, although issuers could not borrow against reserves. Asked about industry feedback, the sponsor reported Department of Banking support but declined to speak for banking groups present. No audience members testified. Members clarified that the motion covered version LC 620349. With no amendments offered, the committee approved the do-pass motion and sent the bill to Rules. No vote count was stated.

6. Senate Rules Committee, March 25, 2026

   From 0:30:03 · Watch on the General Assembly's Vimeo channel

   Summary by Georgia Commons: The presenter described HB 1272 as the Georgia Payment Stable Coin Act and said it would allow Georgia to be the first state to issue stablecoins under the federal GENIUS Act. The presenter argued that it would support Georgia’s financial technology industry. No questions or vote followed.

7. Senate Rules Committee, March 30, 2026

   From 1:15:55 · Watch on the General Assembly's Vimeo channel

   Summary by Georgia Commons: A member selected HB 1272, and another speaker identified its subject as stablecoin. A later duplicate selection was redirected to another measure. No provisions were explained. The committee unanimously approved the calendar containing it.

8. Senate floor session, April 2, 2026 (legislative day 40, part 1)

   From 7:23:15 · Watch on the General Assembly's Vimeo channel · Confirmed by the bill's status history (Senate Taken from Table)

   Summary by Georgia Commons: The clerk described HB 1272 as establishing licensing, examination, enforcement and related rules for payment-stablecoin issuers. The sponsor explained stablecoins as blockchain-based digital currency backed by conventional money, with one coin corresponding to one US dollar, distinguishing them from other cryptocurrencies. The sponsor argued that a state framework closely matching the federal GENIUS Act could attract stablecoin businesses, comparing the opportunity to Georgia's earlier growth in payment-processing businesses. No questions or opposition followed. The Senate passed the bill 50 to 1.

• Read aloud: House floor session, February 11, 2026 (legislative day 17), 0:34:37
• Read aloud: House floor session, February 12, 2026 (legislative day 18), 0:54:41
• Read aloud: House floor session, February 20, 2026 (legislative day 22), 0:46:12
• Read aloud: Senate floor session, March 6, 2026 (legislative day 28, part 1), 0:40:14
• Read aloud: Senate floor session, March 25, 2026 (legislative day 37), 0:32:08

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