Scott, Colleagues Pave the Way for Historic Digital Asset Legislation
Washington, D.C. – Today, the U.S. Senate voted to begin consideration of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, a bill to establish the first-ever regulatory framework for payment stablecoins. This legislative effort 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. The GENIUS Act advanced out of the Banking Committee in March, with every Republican and five Democrats supporting it.
“Tonight’s vote is a welcome and long-overdue step toward asserting U.S. leadership in digital assets. After playing politics, I’m glad many of my Democratic colleagues have returned to the table and are supporting a bipartisan product they helped shape. By moving forward on the GENIUS Act, we are one step closer to delivering a regulatory framework that keeps innovation in America, protects consumers, and safeguards our national security,” said Chairman Scott.
Background:
On February 4, 2025, Chairman Tim Scott joined Senate Banking Committee members Senators Bill Hagerty (R-Tenn.) and Cynthia Lummis (R-Wyo.), as well as Senator Kirsten Gillibrand (D-N.Y.), in introducing the GENIUS Act, a bill to establish a clear regulatory framework for payment stablecoins. Senator Angela Alsobrooks (D-Md.) joined the senators in introducing an update of the legislation at the beginning of March. On March 13, 2025, after considering dozens of amendments to the bill, Chairman Scott successfully advanced the GENIUS Act out of the Banking Committee in March with every Republican and five Democrats supporting it.
For a Fact Sheet on how the GENIUS Act protects consumers, click here.
For a Fact Sheet on how the GENIUS Act bolsters national security, click here.
For a Myth vs. Fact Sheet on the GENIUS Act, click here.
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