The U.S. Senate passed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act on Tuesday, marking a key step in creating the first federal regulatory framework for payment stablecoins.

The legislation, which gained bipartisan support after early resistance, now heads to the House of Representatives for consideration.

Senator Tim Scott (R-SC), Chairman of the Senate Banking Committee and a leading sponsor of the legislation, described the passage as a historic moment.

“We’re on the cusp of doing something that’s never been done in the history of the country,” Scott said in an interview with Fox News Digital.

“This is more about democratization than it is about Democrats or Republicans. This is about making sure that single mothers like the one that raised me… can have an expectation that this digital economy will actually lower costs and let her use those dollars on other priorities.”

The bill was originally introduced by Senator Bill Hagerty (R-TN) and encountered political roadblocks earlier in the year, including a failed vote in early May when Democrats blocked the legislation.

This Could Be the Most Important Video Gun Owners Watch All Year

At the time, Senate Majority Leader John Thune (R-SD) questioned whether the move was “simply Democrats obstructing because they want to deny Republicans, or President Trump, a bipartisan win.”

Despite the earlier setback, the bill advanced in the Senate this week with enough support from both parties.

The GENIUS Act aims to establish regulatory clarity for stablecoin issuers, a significant shift that supporters say will help the United States remain competitive in the fast-growing digital currency space.

Treasury Secretary Scott Bessent publicly backed the legislation in a statement posted Tuesday morning, highlighting the Trump administration’s ongoing support for crypto innovation.

“Recent reporting projects that stablecoins could grow into a $3.7 trillion market by the end of the decade,” Bessent posted to X.

“That scenario becomes more likely with passage of the GENIUS Act.”

Recent reporting projects that stablecoins could grow into a $3.7 trillion market by the end of the decade. That scenario becomes more likely with passage of the GENIUS Act.

A thriving stablecoin ecosystem will drive demand from the private sector for US Treasuries, which back…

— Treasury Secretary Scott Bessent (@SecScottBessent) June 17, 2025

Senator Scott told Fox News Digital that he expects the House to take up the bill in the coming weeks and expressed confidence it would reach President Trump’s desk before the end of summer.

“Getting it out of the Senate passed means that we’ve done our part of the job, the part that I control the most, done hopefully, and celebrated across the country,” he said.

“And then the House gets to work to figure this process out. I believe we’ll see the president’s signature on legislation frankly by August.”

The GENIUS Act has also received strong support from leaders in the digital asset industry. Kristin Smith, President of the Solana Policy Institute and former President of the Blockchain Association, described the bill as a pivotal moment for crypto regulation.

“This GENIUS Act will establish clear rules for stablecoins, unlocking tremendous potential for more efficient payments and financial services,” Smith said.

“We applaud the Senators and their staff who have championed this critical framework and look forward to swift action in the House to get this across the finish line.”

While no official timeline has been announced for a vote in the House, momentum behind the legislation has increased following its passage in the Senate and growing pressure from industry stakeholders and administration officials.

If enacted, the GENIUS Act would be the first law in U.S. history to provide a formal regulatory structure for stablecoins, establishing oversight measures that lawmakers say will ensure stability, transparency, and security in the evolving digital payments market.