SEC Chairman Releases Statement on Passage of GENIUS Act

SEC Chairman Paul Atkins has released a statement on the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, which was recently passed by the House of Representatives (it had already cleared the Senate on June 17, 2025). The GENIUS Act establishes the first U.S. regulatory framework for stablecoins, which can be defined as digital assets whose value is tied to a more traditional asset such as a fiat currency (e.g., the U.S. dollar or a commodity), thereby minimizing price volatility. Mr. Atkins indicated his support for the act, stating that he is looking forward “to watching the market leverage the regulatory framework provided by the GENIUS Act to go to market with payment stablecoins solutions that make transactions quicker, cheaper, and safer—all while maintaining robust risk safeguards.”

Having passed both chambers of Congress, the GENIUS Act will now advance to President Trump, who is expected to sign it into law.