#GENIUSActPass United States of America Senate passed the bi-partisan guiding and establishing National innovation for US stable coin . Legislation Chairman Tim Scott co-sponsored and championed fas it advertised through senate . act which is led by senator Bill Hagert and also co sporsered led by senator Kirsten Gilibrand , senater Cynthia Lmmis, senator Angela Alsobrooks established a first of its kind regulatory framework for payment stable coins . protecting consumers and strengthening national security under chairman Scott 's leadership,bill passed the senate banking committee in march with every Republican and five Democrats supporting it . genius act is the result of months of good faith bi partisan negotiations and has benefited from extensive consolation with industry participants legal and academic experts and government stakeholders .