The U.S. Senate voted this week to consider legislation that would establish the first-ever regulatory framework for payment stablecoins.
The bill, called the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, was developed after bipartisan negotiations and extensive consultation with industry participants, legal and academic experts, and government stakeholders.
The GENIUS Act advanced out of the Banking Committee in March, with every Republican and five Democrats supporting it.
“Tonight’s vote is a welcome and long-overdue step toward asserting U.S. leadership in digital assets. After playing politics, I’m glad many of my Democratic colleagues have returned to the table and are supporting a bipartisan product they helped shape. By moving forward on the GENIUS Act, we are one step closer to delivering a regulatory framework that keeps innovation in America, protects consumers, and safeguards our national security,” U.S. Sen. Tim Scott (R-SC).
Scott, chair of the Senate Banking Committee, is one of the sponsors of the bill, along with U.S. Sens. Bill Hagerty (R-TN), Cynthia Lummis (R-WY), and Kirsten Gillibrand (D-NY). Also, Sen. Angela Alsobrooks (D-MD) joined the senators in introducing an update of the legislation at the beginning of March.
On March 13, after considering dozens of amendments to the bill, the GENIUS Act was approved by the Senate Banking Committee and now moves to the full senate for consideration.