On May 20, 2025, the Senate cleared procedural obstacles to consider the GENIUS Act on the Senate floor. Originally introduced on Feb. 4, by Senator Bill Hagerty, R-TN, along with Senate Banking Committee Chairman Tim Scott, R-SC, Kirsten Gillibrand, D-NY, and Cynthia Lummis, R-WY, the Guiding and Establishing National Innovation for U.S. Stablecoins of 2025 (GENIUS) Act would define and regulate payment stablecoins. Payment stablecoins are digital assets designed to maintain a stable value relative to another asset. More than 99% of stablecoins tie their value to the U.S. dollar.