BREAKING: GENIUS Act passes House, Tim Scott hails stablecoin bill as milestone

Tim Scott praised the House of Representatives for passing the bipartisan Guiding and Establishing National Innovation for U.S. Stablecoins Act, marking a major step forward in U.S. digital asset regulation.

In a July 17 statement, Senate Banking Committee Chairman Tim Scott (R-S.C.) called the legislation which was just passed “a major milestone in securing America’s leadership in payments innovation,” and emphasized its alignment with former President Donald Trump’s agenda to establish the U.S. as “the crypto capital of the world.”

The GENIUS Act, which Scott co-sponsored and shepherded through the Senate, establishes a comprehensive regulatory framework for payment stablecoins. It passed the Senate Banking Committee in March with unanimous Republican support and backing from five Democrats. The bill is led by Senator Bill Hagerty (R-Tenn.) and co-sponsored by Senators Kirsten Gillibrand (D-N.Y.), Cynthia Lummis (R-Wyo.), and Angela Alsobrooks (D-Md.).

The legislation has received support from a wide range of industry stakeholders and underwent consideration of nearly 40 amendments before advancing. Scott also highlighted the work of the newly created Senate Subcommittee on Digital Assets, led by Lummis, in shaping the bill.