May 01, 2025

Senate Majority Leader Expedites Vote on Historic Digital Asset Legislation

Washington, D.C. – Today, Senate Majority Leader John Thune (R-S.D.) initiated a process that expedites a vote on a historic piece of legislation establishing the first ever regulatory framework for payment stablecoins. The bill – the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act – is led by Senator Bill Hagerty (R-Tenn.) and co-sponsored by Chairman Tim Scott (R-S.C.) and Subcommittee on Digital Assets Chair Cynthia Lummis (R-Wyo.).

“The GENIUS Act is a critical first step towards delivering on President Trump and the American people’s mandate to advance a regulatory framework for digital assets – and will protect consumers and expand financial inclusion across the country,” said Chairman Scott. “I look forward to voting for the bill on the floor and the Senate taking historic action to provide the industry with the clarity it deserves.”

“The GENIUS Act establishes a clear, pro-growth, and secure regulatory framework to modernize our payments system and cement U.S. dollar dominance. I look forward to passing the GENIUS Act in short order to keep digital asset innovation in America, protect customers, and make sure foreign companies are playing by the same rules,” said Senator Hagerty.

“Our landmark stablecoin legislation is a huge victory for the digital asset industry and a critical step in securing our nation’s financial future,” said Senator Lummis. “The GENIUS Act strikes the balance of establishing proper guardrails that protect consumers while preserving financial innovation and America’s dollar dominance in the global financial system. President Trump and Leader Thune’s decision to bring this important legislation to the floor demonstrates his commitment to maintaining U.S. leadership in financial services while keeping digital asset companies and jobs onshore. I want to thank Senator Hagerty and Chairman Scott for their leadership on this and look forward to getting this legislation across the finish line.”

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