House Approves GENIUS Act; Tim Scott Celebrates Landmark Stablecoin Legislation
Tim Scott praised the House of Representatives for the successful passage of the bipartisan Guiding and Establishing National Innovation for U.S. Stablecoins Act, marking a substantial step forward in the regulation of digital assets in the United States.
In a statement issued on July 17, Senate Banking Committee Chairman Tim Scott (R-S.C.) characterized the recently passed legislation as “a significant milestone in securing America’s leadership in payment innovation,” linking it to former President Donald Trump’s vision of establishing the U.S. as “the crypto capital of the world.”
The GENIUS Act, which Scott co-sponsored and guided through the Senate, establishes a robust regulatory framework for payment stablecoins. It progressed through the Senate Banking Committee in March, receiving unanimous Republican support and backing from five Democrats. The bill is led by Senator Bill Hagerty (R-Tenn.) and includes co-sponsors such as Senators Kirsten Gillibrand (D-N.Y.), Cynthia Lummis (R-Wyo.), and Angela Alsobrooks (D-Md.).
“For the first time in history, Congress has passed bipartisan digital assets legislation through both the Senate and the House,” stated Scott. “Digital assets and blockchain technology are here to stay, and it’s essential that our regulatory framework acknowledges this reality.”
The legislation has received backing from a wide range of industry stakeholders and underwent a review of nearly 40 amendments prior to its advancement. Scott also highlighted the role of the newly formed Senate Subcommittee on Digital Assets, chaired by Lummis, in shaping the bill.
