Tim Scott praised the Home of Representatives for passing the bipartisan Guiding and Establishing Nationwide Innovation for U.S. Stablecoins Act, marking a significant step ahead in U.S. digital asset regulation.
In a July 17 assertion, Senate Banking Committee Chairman Tim Scott (R-S.C.) known as the laws which was simply handed “a significant milestone in securing America’s management in funds innovation,” and emphasised its alignment with former President Donald Trump’s agenda to ascertain the U.S. as “the crypto capital of the world.”
The GENIUS Act, which Scott co-sponsored and shepherded by means of the Senate, establishes a complete regulatory framework for fee stablecoins. It handed the Senate Banking Committee in March with unanimous Republican help and backing from 5 Democrats. The invoice is led by Senator Invoice Hagerty (R-Tenn.) and co-sponsored by Senators Kirsten Gillibrand (D-N.Y.), Cynthia Lummis (R-Wyo.), and Angela Alsobrooks (D-Md.).
“For the primary time in historical past, Congress has handed bipartisan digital belongings laws by means of each the Senate and the Home,” Scott mentioned. “Digital belongings and blockchain know-how are right here to remain, and it’s previous time our regulatory framework acknowledges this actuality.”
The laws has obtained help from a variety of trade stakeholders and underwent consideration of practically 40 amendments earlier than advancing. Scott additionally highlighted the work of the newly created Senate Subcommittee on Digital Property, led by Lummis, in shaping the invoice.
