The United States Senate passed the bipartisan Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act – legislation Chairman Tim Scott (R-S.C.) co-sponsored and championed as it advanced through the Senate. The GENIUS Act – which is led by Senator Bill Hagerty (R-Tenn.) and also cosponsored by Senator Kirsten Gillibrand (D-N.Y.), Senator Cynthia Lummis (R-Wyo.), and Senator Angela Alsobrooks (D-Md.) – establishes a first of its kind regulatory framework for payment stablecoins, protecting consumers and strengthening national security. Under Chairman Scott’s leadership, the bill passed the Senate Banking Committee in March, with every Republican and five Democrats supporting it.

“Today is a bold step forward – not just for financial innovation, but for American leadership, consumer protection, and economic opportunity. With the GENIUS Act, we’re bringing clarity to a sector that’s been clouded by uncertainty and proving that bipartisan, principled leadership can still deliver real results for the American people. This did not happen by accident. It happened because we led – across the aisle and with purpose. I’m especially grateful to Senator Hagerty for his leadership, as well as the hard work of many of my colleagues to get this across the finish line,” said Chairman Scott.

BACKGROUND:

Upon becoming Chairman of the Senate Banking Committee, Senator Scott pledged to advance a regulatory framework that will provide clarity for the digital assets industry and promote consumer choice, education, and protection. Building on that promise, Chairman Scott created the first-ever Subcommittee on Digital Assets, led by Senator Cynthia Lummis (R-Wyo.).

In its first legislative markup of the 119^th Congress, and after considering nearly 40 amendments to the bill, the Senate Banking Committee voted to advance the GENIUS Act, with every Republican and five Democrats supporting it.

Ahead of the Senate’s vote on the bill, key stakeholders voiced support for the legislation. After the Senate voted to begin consideration of the bill, Chairman Scott issued a statement and spoke on the Senate floor highlighting the importance of passing the bill, noting that the GENIUS Act is the result of months of good-faith, bipartisan negotiations and has benefited from extensive consultation with industry participants, legal and academic experts, and government stakeholders.

To read Chairman Scott’s op-ed in the Washington Examiner on the GENIUS Act, click here.

Source: Senate Banking Committee

The U.S. Senate has officially passed the GENIUS Act, a landmark piece of legislation that establishes a regulatory framework for fiat-backed stablecoins.

This is a defining moment for the digital asset industry, setting the stage for the global expansion of stablecoins.… pic.twitter.com/g8Ydwuo1hW

— Chainlink (@chainlink) June 17, 2025