Senate Banking Committee Chairman Tim Scott has applauded the House of Representatives for approving the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, describing it as a significant advance in shaping America’s digital asset landscape.
In a statement issued on July 17, Scott (R-S.C.) described the bill as a “major milestone” towards cementing the United States’ leadership in payment innovation, aligning with President Donald Trump’s vision to position the country as the global hub for crypto.
PASSED: The GENIUS Act will create a clear regulatory stablecoin framework for asset innovators to thrive in the U.S., bring our payment system into the 21st century, and preserve the dollar’s dominance as the world’s reserve currency.
A massive WIN! pic.twitter.com/f9Wg4l8myx
— Tom Emmer (@GOPMajorityWhip) July 17, 2025
The GENIUS Act, which Scott co-sponsored, establishes a clear regulatory framework for payment stablecoins in the U.S. The legislation passed through the Senate Banking Committee in March with full Republican backing alongside support from five Democratic senators.
The bill is spearheaded by Senator Bill Hagerty (R-Tenn.) with bipartisan co-sponsorship from Senators Kirsten Gillibrand (D-N.Y.), Cynthia Lummis (R-Wyo.), and Angela Alsobrooks (D-Md.). It is also shaped by inputs from the newly established Senate Subcommittee on Digital Assets, chaired by Lummis.
“For the first time in history, Congress has passed bipartisan digital assets legislation through both the Senate and the House,”
Scott said.
“Digital assets and blockchain technology are here to stay, and it’s past time our regulatory framework acknowledges this reality.”
Industry stakeholders have widely welcomed the bill, which underwent review of nearly 40 amendments before its final approval. The GENIUS Act now sets the stage for a unified regulatory approach to stablecoins in the United States.
The final step remains Trump’s signature for the bill to become law, which is expected to take place at 2:30 pm Friday in Washington, DC, during a “signing ceremony,” according to reporter Eleanor Terrett.
The law will come into effect 18 months after Trump’s signature, or 120 days after the “primary federal payment stablecoin regulators,” including the Treasury and Federal Reserve, issue final regulations implementing the GENIUS Act.
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