Senator Scott urges the House to quickly send the GENIUS stablecoin bill to Trump.

Gate News bot message: Last week, Senate Banking Committee Chairman Tim Scott commented on President Donald Trump's support for the Stablecoin Innovation Act (GENIUS Act, S. 1582). The bill aims to establish a federal regulatory framework to promote stablecoin innovation. The bill was passed by a Senate vote last week, with 68 senators voting in favor and 30 senators voting against. Only two Republicans voted against it, and the bill received strong bipartisan support. The bill is currently awaiting a vote in the House of Representatives.

Scott stated, "President Trump is right - now is the time to lead. The GENIUS Act will establish clear guardrails for innovation, protect consumers, strengthen national security, and ensure that the next chapter of the digital economy is written here in the United States. I encourage the House to act swiftly to bring this bill to President Trump."

Scott wrote in the Washington Observer that the core of this legislation is the Consumer Protection Act. He pointed out that stablecoins are already in use, but lack federal regulation.

"The 'GENIUS Act' brings digital assets and payment stablecoins out of the regulatory gray area and into the anti-money laundering compliance system. It imposes significant requirements on stablecoin issuers—similar to those already followed by banks and other financial institutions—which strengthens national security and enhances the Treasury's regulatory capacity over the industry. This act will make it more difficult for domestic and foreign criminals to use stablecoins to fund illegal activities."

Source: CrowdfundInsider