It was clear as I traveled across the country with President Donald Trump last year in the lead-up to the 2024 election that the public wants access to digital assets. On the campaign trail, Trump pledged to make the United States the cryptocurrency capital of the world.
After four years of former President Joe Biden and his Democratic allies in Congress shutting the door on crypto, pushing the industry offshore, voters called for a new approach that onshored innovation to the U.S. Right now, my colleagues and I have the opportunity to help Trump deliver on one of his promises to the people and assert U.S. leadership in digital assets.
For too long, the digital asset industry has operated without clear guidelines, leaving consumers vulnerable and stifling American innovation. With the Senate set to pass the Guiding and Establishing National Innovation for U.S. Stablecoins, legislation I helped write to provide a regulatory framework for payment stablecoins, we have an opportunity to change that. Stablecoins enable faster, cheaper, and competitive transactions, facilitate seamless cross-border payments, and could enhance financial inclusion for Americans across the country. But to do so, clear rules of the road are needed.
That’s why, as the new chairman of the Senate Banking Committee, I quickly went to work to prioritize digital assets. I created the Senate’s first-ever Subcommittee on Digital Assets. In our first legislative markup of the year, we advanced the GENIUS Act with overwhelming bipartisan support, including from five of my Democratic colleagues.
Getting this bill across the finish line will encourage innovation in the U.S., protect consumers across the country, bolster our national security, and expand financial inclusion. And while it hasn’t been easy, many of my Democratic colleagues have returned to the table and decided to work with Republicans to ensure the U.S. leads, not lags, in the digital asset revolution.
Here’s why: At its core, the GENIUS Act is a consumer protection bill.
Payment stablecoins are already offered in the U.S. with little regulatory oversight, and this legislation will ensure they follow protections such as robust reserve requirements, sensible capital and liquidity standards, and strict marketing guidelines. The bill balances commonsense regulation with innovation, and without it, consumers face risks such as unstable reserves or unclear operations from stablecoin issuers.
Some of the legislation’s opponents have falsely characterized its effect on illicit finance. I’ve made cracking down on bad actors a top priority on the Banking Committee, and the GENIUS Act would bolster U.S. national security.
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The GENIUS Act brings digital assets and payment stablecoins out of the regulatory gray area and into an anti-money laundering compliance regime. It imposes important requirements on stablecoin issuers — the same ones banks and other financial institutions already follow — that strengthen national security and improve the Treasury Department’s ability to monitor the sector. Passing this bill will make it harder for bad guys, whether foreign or domestic, to use stablecoins to fund illicit activity.
This legislation is the product of a true bipartisan agreement — the result of negotiations with stakeholders, industry, and members of both parties — and I’m proud that my colleagues put the people first and reached a deal on the GENIUS Act. It’s past time we get this bill to Trump’s desk.
Tim Scott, a Republican, represents South Carolina in the Senate. He is the chairman of the Senate Committee on Banking, Housing, and Urban Affairs.