Chairman Scott Applauds President Trump’s Endorsement of the GENIUS Act
Washington, D.C. – Senate Banking Committee Chairman Tim Scott (R-S.C.) today welcomed President Donald Trump’s endorsement of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act – bipartisan legislation co-sponsored and championed by Chairman Scott, which passed the Senate earlier this week. The GENIUS Act establishes a first-of-its-kind regulatory framework for payment stablecoins, protecting consumers and strengthening national security. Under Chairman Scott’s leadership, the bill passed the Senate Banking Committee in March, with every Republican and five Democrats supporting it.
“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,” said Chairman Scott.
BACKGROUND:
Upon becoming Chairman of the Senate Banking Committee, Scott pledged to advance a regulatory framework that will provide clarity for the digital assets industry and promote consumer choice, education, and protection. Building on that promise, Chairman Scott created the first-ever Subcommittee on Digital Assets, led by Senator Cynthia Lummis (R-Wyo.).
In its first legislative markup of the 119th Congress, and after considering nearly 40 amendments to the bill, the Senate Banking Committee voted to advance the GENIUS Act, with every Republican and five Democrats supporting it.
Ahead of the Senate’s vote on the bill, key stakeholders voiced support for the legislation. After the Senate voted to begin consideration of the bill, Chairman Scott issued a statement and spoke on the Senate floor highlighting the importance of passing the bill, noting that the GENIUS Act is the result of months of good-faith, bipartisan negotiations and has benefited from extensive consultation with industry participants, legal and academic experts, and government stakeholders.
To read Chairman Scott’s op-ed in the Washington Examiner on the GENIUS Act, click here.
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