Senate Majority Leader John Thune has initiated a move to expedite the voting process for a legislative bill that proposes a regulatory framework for payment stablecoins. Known as the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, this bill is led by Senator Bill Hagerty and co-sponsored by Chairman Tim Scott and Subcommittee on Digital Assets Chair Cynthia Lummis.
Chairman Scott stated, “The GENIUS Act is a critical first step towards delivering on President Trump and the American people’s mandate to advance a regulatory framework for digital assets – and will protect consumers and expand financial inclusion across the country.” He looks forward to the Senate’s vote on the bill.
Senator Hagerty emphasized the importance of the bill, saying, “The GENIUS Act establishes a clear, pro-growth, and secure regulatory framework to modernize our payments system and cement U.S. dollar dominance. I look forward to passing the GENIUS Act in short order to keep digital asset innovation in America, protect customers, and make sure foreign companies are playing by the same rules.”
Senator Lummis described the act as a landmark in stablecoin legislation. She commented, “Our landmark stablecoin legislation is a huge victory for the digital asset industry and a critical step in securing our nation’s financial future. The GENIUS Act strikes the balance of establishing proper guardrails that protect consumers while preserving financial innovation and America’s dollar dominance in the global financial system.” She also recognized President Trump and Leader Thune’s efforts in bringing this important legislation to the floor.
###
