Nashville Standard

United States Senators Bill Hagerty, Tim Scott, Kirsten Gillibrand, Cynthia Lummis, and Angela Alsobrooks have expressed their approval following the Senate Banking Committee's passage of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. This legislation, spearheaded by Senator Hagerty, aims to create a regulatory framework for payment stablecoins. The committee approved the bill with an 18-6 vote.

The GENIUS Act is expected to be presented on the Senate floor within President Trump's first 100 days in office.

Senator Hagerty commented on the bipartisan support for his initiative: “I’m pleased to see my GENIUS Act successfully pass out of the Senate Banking Committee with bipartisan support.” He emphasized that this legislative step is crucial in establishing a secure regulatory environment that promotes innovation and aligns with President Trump's objective of positioning America as a leader in cryptocurrency.

Chairman Tim Scott remarked on the significance of this development: “For far too long, the absence of a regulatory framework for stablecoins has left consumers vulnerable, businesses in the dark, and stifled innovation here at home.” He views this act as progress towards ensuring stablecoins are dependable financial tools.

Senator Gillibrand highlighted the importance of such legislation: “Clear and sensible stablecoin legislation is essential to maintaining the U.S.’s position as the leader in global economic competitiveness.” She praised her colleagues' efforts across party lines to address this complex issue and anticipates further refinement as it advances.

Senator Lummis acknowledged how this passage strengthens America's competitive stance in digital assets: “The Banking Committee’s strong bipartisan passage of the GENIUS Act out of committee brings us one step closer to providing stablecoin issuers with choice between state and national charters.”

Lastly, Senator Alsobrooks stressed wealth-building opportunities for Americans: “We need to focus on providing Americans the opportunity to build wealth,” adding that recent amendments have strengthened this bipartisan effort.