Today, Senate Majority Leader John Thune expedited the process for voting on the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. This significant legislation establishes the first regulatory framework for payment stablecoins. Authored by United States Senator Bill Hagerty and cosponsored by Tim Scott, Chairman of the Senate Banking Committee, and Senator Cynthia Lummis, the act is poised to modernize the U.S. payments system.
Sen. Bill Hagerty stated, “The GENIUS Act establishes a clear, pro-growth, and secure regulatory framework to modernize our payments system and cement U.S. dollar dominance. I look forward to passing the GENIUS Act in short order to keep digital asset innovation in America, protect customers, and make sure foreign companies are playing by the same rules.”
Sen. Cynthia Lummis acknowledged the act as a major win for the digital asset industry, emphasizing its role in securing the nation’s financial future. She mentioned, “The GENIUS Act strikes the balance of establishing proper guardrails that protect consumers while preserving financial innovation and America’s dollar dominance in the global financial system. President Trump and Leader Thune’s decision to bring this important legislation to the floor demonstrates his commitment to maintaining U.S. leadership in financial services while keeping digital asset companies and jobs onshore. I want to thank Senator Hagerty and Chairman Scott for their leadership on this and look forward to getting this legislation across the finish line.”
Chairman Tim Scott highlighted the importance of the legislation, asserting, “The GENIUS Act is a critical first step towards delivering on President Trump and the American people’s mandate to advance a regulatory framework for digital assets – and will protect consumers and expand financial inclusion across the country. I look forward to voting for the bill on the floor and the Senate taking historic action to provide the industry with the clarity it deserves.”
Background on the legislation notes that dollar-denominated payment stablecoins are pegged to the U.S. dollar, potentially improving transaction efficiency and strengthening the dollar’s supremacy globally. The act aims to overcome challenges posed by the previous administration’s lack of regulatory clarity on stablecoins.
