#GENIUSActPass #GENIUSActPass

●▪︎ The GENIUS Act is bipartisan supported in the Senate

The Senate passed the National Innovation and Stablecoin Payment Act (GENIUS) after bipartisan negotiations led by Senator Tim Scott of South Carolina.

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

Senator Scott affirmed that the legislation provides urgent clarity in 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.