After Senate Democrats voted against a procedural step to consider the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, Senate Banking Committee Chairman Tim Scott addressed the Senate floor. The GENIUS Act aimed to create a regulatory framework for payment stablecoins, following months of bipartisan negotiations and consultations with various stakeholders. The bill had previously advanced out of the Banking Committee in March with support from all Republicans and five Democrats.
Chairman Scott expressed his disappointment over what he described as political gamesmanship hindering progress on the legislation. "Today should have been a historic day for Americans," he stated, emphasizing that the act would democratize financial systems and make markets safer and cheaper for working Americans.
Scott criticized Democrats for prioritizing politics over policy, suggesting their vote was not against the legislation itself but rather against former President Trump's legislative agenda. He remarked, "It was a vote against commonsense - that simple."
Despite his frustrations, Scott acknowledged the efforts made by both parties in improving the bill. "I'm proud of the work that we have done," he said, commending both Republican and Democrat contributions to enhancing the legislation.
Scott concluded by affirming his commitment to continue advocating for digital asset regulation, stating that while they were delayed, they were not defeated. "The need hasn't disappeared, neither has our commitment to American leadership in the digital asset space," he declared.
