Today, Senate Majority Leader John Thune (R-S.D.) leveraged a special process to expedite a vote on a significant bill that aims to create the first regulatory framework for payment stablecoins. The legislation, known as the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, is spearheaded by Senator Bill Hagerty (R-Tenn.) and has the support of Chairman Tim Scott (R-S.C.) and Cynthia Lummis (R-Wyo.), the Subcommittee on Digital Assets Chair.
Chairman Scott highlighted the importance of the GENIUS Act, stating, “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 expressed his anticipation of voting in favor of the bill and emphasized the Senate’s role in providing much-needed clarity for the industry.
Senator Hagerty underscored the bill’s objectives to enhance the payments system while maintaining U.S. dollar dominance: “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 legislation as a crucial win for the digital asset sector, stating, “Our landmark stablecoin legislation is a huge victory for the digital asset industry and a critical step in securing our nation’s financial future.” She applauded the bill for balancing consumer protection with the need for financial innovation. Lummis also expressed appreciation for the leadership of Senator Hagerty and Chairman Scott in advancing the bill, which she believes is vital for maintaining U.S. leadership in financial services.
President Trump and Leader Thune’s decision to advance this piece of legislation demonstrates a commitment to keeping digital asset companies within the U.S. and advancing financial innovation.
