The United States Senate passed the bipartisan Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, which Chairman Tim Scott (R-S.C.) co-sponsored and actively supported throughout its progress. Senator Bill Hagerty (R-Tenn.) led the bill, with co-sponsorship from Senators Kirsten Gillibrand (D-N.Y.), Cynthia Lummis (R-Wyo.), and Angela Alsobrooks (D-Md.).
The GENIUS Act creates the first regulatory framework for payment stablecoins, aiming to protect consumers and enhance national security. Under Chairman Scott’s leadership, the Senate Banking Committee approved the bill in March, with unanimous Republican and five Democratic votes.
Chairman Scott was elated on the GENIUS Act passing in the Senate in a 68-30 vote. He noted that this is a bold step forward not just for financial innovation, but for American leadership.
“With the GENIUS Act, we’re bringing clarity to a sector that’s been clouded by uncertainty and proving that bipartisan, principled leadership can still deliver real results for the American people. This did not happen by accident. It happened because we led – across the aisle and with purpose. I’m especially grateful to Senator Hagerty for his leadership, as well as the hard work of many of my colleagues to get this across the finish line,” Chairman Scott added.
The bill now moves to the House of Representatives, where House Majority Whip Tom Emmer has called on the Financial Services Committee to push stablecoin legislation forward before July ends.
If the House approves it, the GENIUS Act would establish the first nationwide framework for stablecoins, potentially making the U.S. a global leader in digital assets.
GENUS Act’s Potential Effects on Online Casinos
The GENIUS Act’s passage by the U.S. Senate marks a turning point for online casino games and online slot games. By establishing clear regulations for stablecoins, the bill ensures safer, faster, and more reliable digital payments.
This development increases trust among players and operators using stablecoins in gaming platforms.
Online slot games, which often rely on quick transactions, will benefit from the enhanced speed and stability stablecoins offer. Additionally, operators of online casino games may attract more users who prefer transparent, regulated crypto payment options.
The GENIUS Act also helps reduce fraud and money laundering by enforcing strict compliance standards.
As a result, developers and platforms may innovate faster, introducing new features and expanding crypto payment options. With greater consumer protection and federal oversight, online casino games and online slot games could see a significant rise in usage.
The GENIUS Act creates a promising future for blockchain-powered gaming experiences.
Last Updated on by jonathan r
