The United States Senate has passed the bipartisan Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. This legislation, co-sponsored by Chairman Tim Scott (R-S.C.), aims to establish a regulatory framework for payment stablecoins, focusing on consumer protection and national security.
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.). The bill successfully passed through the Senate Banking Committee in March with backing from all Republican members and five Democrats.
Chairman Scott emphasized the significance of this legislative achievement: “Today is a bold step forward – not just for financial innovation, but for American leadership, consumer protection, and economic opportunity." He acknowledged the collaborative efforts across party lines that contributed to the bill's success.
Upon assuming his role as Chairman of the Senate Banking Committee, Senator Scott committed to advancing a regulatory framework for digital assets. This led to the creation of the first-ever Subcommittee on Digital Assets under Senator Cynthia Lummis's leadership.
The GENIUS Act was subjected to nearly 40 amendments during its initial legislative markup in the 119th Congress before being advanced by the Senate Banking Committee. Key stakeholders expressed their support prior to the Senate vote, recognizing months of bipartisan negotiations involving industry participants, legal experts, and government officials.
For further insights into Chairman Scott’s perspective on the GENIUS Act, his op-ed is available in the Washington Examiner.
