House Approves GENIUS Act; Tim Scott Hails Stablecoin Legislation as a Major Milestone

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

In a statement issued on July 17, Senate Banking Committee Chairman Tim Scott (R-S.C.) referred to the newly approved legislation as “a major milestone in securing America’s leadership in payments innovation,” emphasizing its link to former President Donald Trump’s vision of positioning the U.S. as “the crypto capital of the world.”

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

“For the first time in history, Congress has passed bipartisan digital assets legislation through both the Senate and the House,” Scott stated. “Digital assets and blockchain technology are here to stay, and it’s vital that our regulatory framework acknowledges this reality.”

The legislation has received support from a wide range of industry stakeholders and was subject to nearly 40 amendments before proceeding. Scott also acknowledged the efforts of the newly formed Senate Subcommittee on Digital Assets, led by Lummis, in shaping the bill.