U.S. Securities and Exchange Commission chair welcomes House passage of the GENIUS Act to create a payment stablecoin framework

U.S. Securities and Exchange Commission Chair Paul S. Atkins issued a statement congratulating the House of Representatives on passing the GENIUS Act, describing it as advancing legislation that would provide a regulatory framework for payment stablecoins and move it to President Trump’s desk. Atkins credited work by lawmakers in both chambers and highlighted the roles of Senate Banking Committee Chairman Tim Scott, House Financial Services Committee Chairman French Hill, Senator Cynthia Lummis, and Senator Bill Hagerty. He argued that clear “rules of the road” are needed for innovators using blockchain and crypto asset technologies, and said he expects the market to use the GENIUS Act framework over the coming months and years to launch payment stablecoin solutions with “robust risk safeguards.”