Senate Banking Committee Chairman Tim Scott has expressed approval of President Donald Trump’s endorsement of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. This bipartisan legislation, co-sponsored by Scott, recently passed the Senate. The GENIUS Act aims to create a regulatory framework for payment stablecoins, enhancing consumer protection and national security. Under Scott’s leadership, the bill advanced through the Senate Banking Committee in March with support from all Republicans and five Democrats.
“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,” stated Chairman Scott.
Since becoming Chairman of the Senate Banking Committee, Scott has committed to developing a regulatory framework that clarifies digital assets while promoting consumer choice and protection. To fulfill this commitment, he established a Subcommittee on Digital Assets led by Senator Cynthia Lummis.
The Senate Banking Committee moved forward with the GENIUS Act during its first legislative markup of the 119th Congress after reviewing nearly 40 amendments. The committee’s decision received backing from every Republican member along with five Democrats.
Before the Senate vote on this legislation, key stakeholders expressed their support. As deliberations began in the Senate, Chairman Scott emphasized on both issuing statements and speaking on the floor about its significance. He noted that months of bipartisan negotiations contributed to shaping this bill alongside consultations with industry participants as well as legal and academic experts.
