The U.S. Senate has taken a significant step towards regulating digital assets by voting to consider the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. This proposed legislation aims to create the first regulatory framework for payment stablecoins in the United States. The bill is the result of extensive bipartisan negotiations and consultations with various stakeholders, including industry participants, legal experts, academics, and government officials.
"Tonight’s vote is a welcome and long-overdue step toward asserting U.S. leadership in digital assets," stated 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 when Chairman Tim Scott collaborated with Senators Bill Hagerty (R-Tenn.), Cynthia Lummis (R-Wyo.), and Kirsten Gillibrand (D-N.Y.) to introduce the GENIUS Act on February 4, 2025. Senator Angela Alsobrooks (D-Md.) joined them in updating the legislation at the start of March. After considering numerous amendments, Chairman Scott advanced the bill out of the Banking Committee with support from every Republican member and five Democrats.
The GENIUS Act seeks to establish clear guidelines for payment stablecoins while addressing consumer protection and national security concerns.
