Today, the U.S. Senate voted to consider the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, marking a significant step towards establishing a regulatory framework for payment stablecoins. This initiative follows months of bipartisan negotiations and consultations with industry experts, legal authorities, and government stakeholders. The Banking Committee advanced the GENIUS Act in March with support from all Republicans and five Democrats.
“Tonight’s vote is a welcome and long-overdue step toward asserting U.S. leadership in digital assets,” said Chairman Scott. “After playing politics, I’m glad many of my Democratic colleagues have returned to the table and are supporting a bipartisan product they helped shape. By moving forward on the GENIUS Act, we are one step closer to delivering a regulatory framework that keeps innovation in America, protects consumers, and safeguards our national security.”
The legislative process began on February 4, 2025, when Chairman Tim Scott introduced the GENIUS Act alongside Senators Bill Hagerty (R-Tenn.), Cynthia Lummis (R-Wyo.), and Kirsten Gillibrand (D-N.Y.). Senator Angela Alsobrooks (D-Md.) joined them in updating the legislation at the beginning of March. On March 13, 2025, after reviewing numerous amendments, Chairman Scott successfully advanced the act out of the Banking Committee.
