Senate Banking Committee Chairman Tim Scott expressed approval following 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, was passed by the Senate earlier this week. The GENIUS Act introduces a regulatory framework for payment stablecoins aimed at consumer protection and national security enhancement. Under Scott's leadership, the bill cleared 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.
Upon assuming his role as Chairman of the Senate Banking Committee, Scott committed to developing a regulatory framework that clarifies digital assets' industry operations while promoting consumer choice, education, and protection. In line with this commitment, he established a Subcommittee on Digital Assets led by Senator Cynthia Lummis.
During its first legislative markup of Congress's 119th session, nearly 40 amendments were considered before advancing the GENIUS Act with bipartisan support from every Republican and five Democrats in the committee.
Prior to the Senate vote on this bill, significant stakeholders expressed their backing for it. After voting commenced on its consideration in the Senate chamber itself; Chairman Scott issued statements both publicly through media outlets like Washington Examiner where an op-ed was published as well as speaking directly about how crucial passing such legislation would be given months-long negotiations involving various industry participants alongside legal/academic experts plus government officials too had contributed extensively towards shaping what ultimately became known today simply put: "The Genius Act."
