#GENIUSActPass

Washington, D.C. – Today, the United States Senate passed the bipartisan Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act – legislation Chairman Tim Scott (R-S.C.) co-sponsored and championed as it advanced through the Senate. The GENIUS Act – which is led by Senator Bill Hagerty (R-Tenn.) and also cosponsored by Senator Kirsten Gillibrand (D-N.Y.), Senator Cynthia Lummis (R-Wyo.), and Senator Angela Alsobrooks (D-Md.) – establishes a first of its kind regulatory framework for payment stablecoins, protecting consumers and strengthening national security. Under Chairman Scott’s leadership, the bill passed the Senate Banking Committee in March, with every Republican and five Democrats supporting it.

“Today is a bold step forward – not just for financial innovation, but for American leadership, consumer protection, and economic opportunity. With the GENIUS Act, we’re bringing clarity to a sector that’s been clouded by uncertainty and proving that bipartisan, principled leadership can still deliver real results for the American people. This did not happen by accident. It happened because we led – across the aisle and with purpose. I’m especially grateful to Senator Hagerty for his leadership, as well as the hard work of many of my colleagues to get this across the finish line,” said Chairman Scott.