Senator Scott: President Trump’s Signature on Genius ACT Delivers for the American People

“President Trump was crystal clear on the campaign trail: under his leadership, the United States will be the crypto capital of the world. With his signature on the GENIUS Act, we’ve made history and have delivered important regulatory clarity for the stablecoin industry…,” said Senator Scott.
WASHINGTON— Today, President Donald J. Trump signed theGuiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act– legislation Senator Tim Scott (R-S.C.) co-sponsored and championed as it advanced through the Senate. TheGENIUS Act– which was led by Senator Bill Hagerty (R-Tenn.) and also cosponsored by Senator Kirsten Gillibrand (D-N.Y.), Senator Cynthia Lummis (R-Wyo.), and Senator Angela Alsobrooks (D-Md.) – establishes a first of its kind regulatory framework for payment stablecoins, protecting consumers and strengthening national security. Under Senator Scott’s leadership, the billpassedthe Senate Banking Committee in March, with every Republican and five Democrats supporting it.
“President Trump was crystal clear on the campaign trail: under his leadership, the United States will be the crypto capital of the world. With his signature on the GENIUS Act, we’ve made history and have delivered important regulatory clarity for the stablecoin industry. I’m grateful to the president and my colleagues for their tireless efforts and leadership on this legislation, which will not only support working families, small businesses, and communities across America with faster, cheaper, and more accessible payments but will also solidify the U.S. dollar’s dominance across the world. Let’s be clear – our work here is not finished – and I look forward to taking the same energy and approach to deliver digital asset market structure legislation to President Trump’s desk,”said Senator Scott.
BACKGROUND:
Upon becoming Chairman of the Senate Banking Committee, Scottpledgedto advance a regulatory framework that will provide clarity for the digital assets industry and promote consumer choice, education, and protection. Building on that promise, Senator Scottcreatedthe first-ever Subcommittee on Digital Assets, led by Senator Cynthia Lummis (R-Wyo.).
In its first legislative markup of the 119thCongress, and after considering nearly 40 amendments to the bill, the Senate Banking Committeevotedto advance theGENIUS Act,with every Republican and five Democrats supporting it.
Ahead of the Senate’s vote on the bill, key stakeholdersvoicedsupport for the legislation. After the Senate voted to begin consideration of the bill, Senator Scott issued astatementandspoke on the Senate floorhighlighting the importance of passing the bill, noting that the GENIUS Act is the result of months of good-faith, bipartisan negotiations and has benefited from extensive consultation with industry participants, legal and academic experts, and government stakeholders. On June 17, the Senatepassedthe bill and President Trumpendorsedthe legislation. The House of Representativesadvancedthe legislation on July 17, 2025.
To read Senator Scott’s op-ed in the Washington Examiner on theGENIUS Act, clickhere.
###