#GENIUSActPass

●▪︎ The GENIUS Act enjoys bipartisan support in the Senate

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

Jointly sponsored by Senators Bill Hagerty, Kirsten Gillibrand, Cynthia Lummis, and Angela Alsobrooks, the bill is the first of its kind aimed directly at stablecoins for payment. The Senate Banking Committee approved the bill in March after reviewing nearly 40 amendments, with support from all Republicans and five Democrats.

Senator Scott emphasized that the legislation provides urgent clarity to an environment surrounded by regulatory uncertainty. He stated that the bill was crafted through consultations with digital asset companies, legal experts, and government officials. Scott explained that this foundation contributed to the formulation of a framework that balances innovation and accountability.