18.07.2025 05:52
The bipartisan Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act) has cleared the House of Representatives, marking a significant advancement in US digital asset regulation. This legislative milestone, celebrated by Senator Tim Scott, chair of the Senate Banking Committee, signals a crucial step towards a comprehensive regulatory framework for payment stablecoins.
Scott, in a July 17th statement, lauded the House's passage of the bill, describing it as a pivotal achievement in securing America's dominance in payments innovation. He further linked this legislative success to former President Trump's vision of establishing the United States as a global crypto hub.
Originally co-sponsored and championed by Scott through the Senate, the GENIUS Act boasts a strong bipartisan history. Its unanimous passage through the Senate Banking Committee in March, with the backing of five Democrats and all Republicans, underscored its broad appeal. Senator Bill Hagerty led the charge in the Senate, joined by fellow sponsors Senators Kirsten Gillibrand, Cynthia Lummis, and Angela Alsobrooks. This broad-based support reflects the bill's comprehensive approach to stablecoin regulation.
The GENIUS Act's journey through Congress was noteworthy. It underwent rigorous review, incorporating nearly 40 amendments before its final approval. Its passage represents the first instance of bipartisan digital asset legislation successfully navigating both the Senate and the House, demonstrating a growing consensus on the importance of regulating this emerging technology. Senator Scott explicitly highlighted the contributions of the newly formed Senate Subcommittee on Digital Assets, spearheaded by Senator Lummis, in shaping the final bill. The legislation has also garnered substantial support from various industry players, reflecting a shared desire for clear regulatory guidelines in the burgeoning digital asset space. The bill’s passage shows a recognition that digital assets and blockchain technology are integral parts of the modern financial landscape.
