The United States Senate has passed the bipartisan Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, a piece of legislation that aims to establish a regulatory framework for payment stablecoins. This act is designed to protect consumers and strengthen national security. The bill was co-sponsored and championed by Chairman Tim Scott (R-S.C.) as it moved through the Senate.
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.). Under Chairman Scott’s leadership, the bill successfully passed through the Senate Banking Committee in March, gaining support from every Republican member and five Democrats.
Chairman Scott commented on the passage of the bill: “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.”
Upon assuming his role as Chairman of the Senate Banking Committee, Senator Scott committed to advancing a regulatory framework to provide clarity in the digital assets industry while promoting consumer choice, education, and protection. He established the first-ever Subcommittee on Digital Assets led by Senator Cynthia Lummis.
In its initial legislative markup of the 119th Congress, after reviewing nearly 40 amendments to the bill, the Senate Banking Committee advanced the GENIUS Act with bipartisan support.
Before voting on the bill in full session, key stakeholders expressed their support for this legislation. Chairman Scott highlighted on the Senate floor that passing this bill resulted from months of bipartisan negotiations and consultations with industry participants, legal experts, academic professionals, and government stakeholders.
