#GENIUSActPass #GENIUSActPass

●▪︎ The GENIUS Act has bipartisan support in the Senate

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

Co-sponsored by Senators Bill Hagerty, Kirsten Gillibrand, Cynthia Lummis, and Angela Alsbrooks, the bill is the first of its kind targeting stablecoins for direct payment. The Senate Banking Committee passed 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 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 crafting a framework that balances innovation and accountability.