Boom! U.S. Congress Just Dropped a Crypto Bombshell with the GENIUS Act

Senator Tim Scott Goes All-In on Stablecoin Regulation

Listen up, crypto fans! Senator Tim Scott is over the moon about the House of Representatives passing the bipartisan Guiding and Establishing National Innovation for U.S. Stablecoins Act. This isn't just any bill—it's a game-changer for U.S. digital asset regulation!

On July 17, Senate Banking Committee Chairman Tim Scott (R-S.C.) couldn't contain his excitement, calling the freshly passed legislation “a major milestone in securing America’s leadership in payments innovation.” He's all about aligning this move with former President Donald Trump’s vision to make the U.S. “the crypto capital of the world.” Talk about setting the stage for a digital revolution!

The GENIUS Act, co-sponsored and championed by Scott himself, lays down a solid regulatory framework for payment stablecoins. It sailed through the Senate Banking Committee back in March, with all Republicans on board and even five Democrats giving it a thumbs up. Leading the charge is Senator Bill Hagerty (R-Tenn.), with Senators Kirsten Gillibrand (D-N.Y.), Cynthia Lummis (R-Wyo.), and Angela Alsobrooks (D-Md.) right by his side.

“For the first time in history, Congress has passed bipartisan digital assets legislation through both the Senate and the House,” Scott declared. He's not messing around—digital assets and blockchain tech are here to stay, and it’s high time our regulatory framework got with the program.

This bill isn't just talk—it's got the backing of a whole range of industry heavyweights and survived nearly 40 amendments before pushing through. Scott also gave a shoutout to the new Senate Subcommittee on Digital Assets, led by Lummis, for helping shape this landmark legislation.