The U.S. Senate Committee on Banking, Housing and Urban Affairs released a statement from Chairman Tim Scott following President Donald J. Trump’s signing of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, which establishes a first-of-its-kind regulatory framework for payment stablecoins. The committee framed the law as providing regulatory clarity for the stablecoin industry while aiming to protect consumers and strengthen national security. The legislation was 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 after considering nearly 40 amendments, with every Republican and five Democrats supporting it; the Senate passed the bill on June 17, and the House of Representatives advanced it on July 17, 2025. Scott also pointed to follow-on work on digital asset market structure legislation.
U.S. Senate Committee on Banking, Housing and Urban Affairs 2025-07-18
U.S. Senate Committee on Banking, Housing and Urban Affairs marks President Trump signing GENIUS Act to create a payment stablecoin framework
The U.S. Senate Committee on Banking, Housing and Urban Affairs announced President Donald J. Trump signed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, establishing a regulatory framework for payment stablecoins. Led by Senator Bill Hagerty, the legislation aims to provide regulatory clarity, consumer protection, and national security enhancement. The Senate Banking Committee advanced the bill with bipartisan support, and the House of Representatives passed it on July 17, 2025.