#GENIUSActPass

▪︎ The GENIUS Act is bipartisan supported 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 from 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 payments. 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 shaped 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.