Senate Banking Committee Chairman Tim Scott expressed approval for President Donald Trump’s endorsement of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. The bipartisan legislation, co-sponsored by Chairman Scott, was passed by the Senate earlier this week. It aims to create a regulatory framework for payment stablecoins, focusing on consumer protection and national security.
Chairman Scott remarked, “President Trump is right – the time to lead is now. The GENIUS Act will establish clear guardrails for innovation, protect consumers, bolster national security, and ensure the next chapter of the digital economy is written right here in the United States. I encourage the House to act quickly and send this bill to President Trump’s desk.”
Since assuming his role as Chairman of the Senate Banking Committee, Scott has committed to developing a regulatory framework that offers clarity in the digital assets industry while promoting consumer choice and protection. He established a Subcommittee on Digital Assets led by Senator Cynthia Lummis.
During its initial legislative markup in Congress, nearly 40 amendments were considered before advancing the GENIUS Act with support from every Republican and five Democrats on the Senate Banking Committee.
Before the Senate vote on this bill, various stakeholders expressed their support. Following these developments, Chairman Scott highlighted that months of bipartisan negotiations contributed to shaping this legislation with input from industry participants, legal experts, academics, and government representatives.
