Senate Banking Committee Chairman Tim Scott issued a statement after the House passed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, a bill he co-sponsored, which would establish a regulatory framework for payment stablecoins with a stated focus on consumer protection and national security. Scott framed the House vote as making the GENIUS Act the first bipartisan digital assets legislation to pass both the Senate and the House. The legislation is led by Senator Bill Hagerty and co-sponsored by Senators Kirsten Gillibrand, Cynthia Lummis, and Angela Alsobrooks. The Senate Banking Committee advanced the bill in March following a markup that considered nearly 40 amendments, with every Republican and five Democrats voting in favor, and the Senate passed the bill on June 17, 2025; the release also notes that President Trump endorsed the legislation.
U.S. Senate Committee on Banking, Housing and Urban Affairs 2025-07-17
U.S. Senate Committee on Banking, Housing and Urban Affairs chairman welcomes House passage of GENIUS Act payment stablecoin framework
The U.S. Senate Committee on Banking, Housing and Urban Affairs announced the passage of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, co-sponsored by Senate Banking Committee Chairman Tim Scott. The Act establishes a regulatory framework for payment stablecoins focusing on consumer protection and national security. It is the first bipartisan digital assets legislation to pass both the Senate and the House. Led by Senator Bill Hagerty, the bill was advanced by the Senate Banking Committee in March and passed by the Senate on June 17, 2025, with President Trump endorsing it.