The United States Senate has passed the bipartisan Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. This legislation, co-sponsored by Chairman Tim Scott (R-S.C.), aims to establish a regulatory framework for payment stablecoins, enhancing consumer protection and national security.
Senator Bill Hagerty (R-Tenn.) led the GENIUS Act, with additional support from Senator Kirsten Gillibrand (D-N.Y.), Senator Cynthia Lummis (R-Wyo.), and Senator Angela Alsobrooks (D-Md.). The bill successfully advanced through the Senate Banking Committee in March, receiving backing from all Republican members and five Democrats.
Chairman Scott expressed his satisfaction with the passage of the act: “Today is a bold step forward – not just for financial innovation, but for American leadership, consumer protection, and economic opportunity. With the GENIUS Act, we’re bringing clarity to a sector that’s been clouded by uncertainty and proving that bipartisan, principled leadership can still deliver real results for the American people.”
Since becoming Chairman of the Senate Banking Committee, Senator Scott committed to creating a regulatory framework to provide clarity in the digital assets industry while promoting consumer choice and protection. In line with this goal, he established the first-ever Subcommittee on Digital Assets under Senator Cynthia Lummis’s leadership.
During its initial legislative markup of the 119th Congress, nearly 40 amendments were considered before advancing the GENIUS Act. The bill garnered significant support ahead of its Senate vote from various stakeholders who recognized its importance.
Chairman Scott highlighted that passing this legislation was achieved through months of bipartisan negotiations involving industry participants and experts from legal, academic, and government sectors.
For further insights into Chairman Scott’s perspective on the GENIUS Act, readers are directed to his op-ed in the Washington Examiner.
