Today, the U.S. Senate moved forward with consideration of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, which seeks to create a regulatory framework for payment stablecoins. This legislative proposal follows months of bipartisan discussions and consultations with industry experts and government stakeholders. The Banking Committee approved the GENIUS Act in March with support from every Republican member and five Democrats.
“Tonight’s vote is a welcome and long-overdue step toward asserting U.S. leadership in digital assets,” stated Chairman Scott. He added that by advancing the GENIUS Act, they are moving closer to establishing regulations that maintain innovation within the United States, protect consumers, and safeguard national security.
The introduction of the GENIUS Act took place on February 4, 2025, led by Chairman Tim Scott alongside Senators Bill Hagerty, Cynthia Lummis, Kirsten Gillibrand, and Angela Alsobrooks. In March, after reviewing several amendments, Chairman Scott successfully advanced the act out of the Banking Committee.
For further details on consumer protection measures and national security enhancements under the GENIUS Act, refer to the provided fact sheets.
