July 17, 2025

Scott Applauds House Passage of GENIUS Act

Washington, D.C. – Senate Banking Committee Chairman Tim Scott (R-S.C.) issued the following statement after the House passed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act – legislation he co-sponsored and championed as it advanced through the Senate. The GENIUS Act – which is 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.

“For the first time in history, Congress has passed bipartisan digital assets legislation through both the Senate and the House. The GENIUS Act marks a major milestone in securing America’s leadership in payments innovation while protecting consumers and strengthening our national security. This bill is critical to delivering on President Trump’s agenda to cement the United States as the crypto capital of the world, and I look forward to taking a similar approach to get digital asset market structure legislation signed into law. Digital assets and blockchain technology are here to stay, and it’s past time our regulatory framework acknowledges this reality,” 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, 2025, the Senate passed the bill and President Trump endorsed the legislation.

To read Chairman Scott’s op-ed in the Washington Examiner on the GENIUS Act, click here.