#GENIUSActPass The Senate has passed the National Innovation Guidance and Establishment Act for American Stablecoins (GENIUS) after bipartisan negotiations led by Senator Tim Scott of South Carolina.

With the joint sponsorship of Senators Bill Hagerty, Kirsten Gillibrand, Cynthia Lummis, and Angela Alsobrooks, the bill is the first of its kind to directly target stablecoins for payments. The Senate Banking Committee approved the bill in March after reviewing nearly 40 amendments, with the support of all Republicans and five Democrats.