Chairman Scott: President Trump’s Signature on GENIUS Act Delivers for the American People
“President Trump was crystal clear on the campaign trail: under his leadership, the United States will be the crypto capital of the world. With his signature on the GENIUS Act, we’ve made history and have delivered important regulatory clarity for the stablecoin industry…,” said Chairman Scott.
Washington, D.C. – Today, President Donald J. Trump signed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act – legislation Chairman Tim Scott (R-S.C.) co-sponsored and championed as it advanced through the Senate. The GENIUS Act – which was led by Senator Bill Hagerty (R-Tenn.) and also cosponsored by Senator Kirsten Gillibrand (D-N.Y.), Senator Cynthia Lummis (R-Wyo.), and Senator Angela Alsobrooks (D-Md.) – 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 was crystal clear on the campaign trail: under his leadership, the United States will be the crypto capital of the world. With his signature on the GENIUS Act, we’ve made history and have delivered important regulatory clarity for the stablecoin industry. I’m grateful to the president and my colleagues for their tireless efforts and leadership on this legislation, which will not only support working families, small businesses, and communities across America with faster, cheaper, and more accessible payments but will also solidify the U.S. dollar's dominance across the world. Let’s be clear – our work here is not finished – and I look forward to taking the same energy and approach to deliver digital asset market structure legislation 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. On June 17, the Senate passed the bill and President Trump endorsed the legislation. The House of Representatives advanced the legislation on July 17, 2025.
To read Chairman Scott’s op-ed in the Washington Examiner on the GENIUS Act, click here.
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