On 17 July 2025, the US Securities and Exchange Commission (US SEC) Chairman Paul S. Atkins issued a statement congratulating the US House of Representatives on passing the US GENIUS Act, commending the collaborative efforts of the US House and US Senate, and highlighting it as a historic milestone for crypto entrepreneurs, financial market participants, by providing clear regulatory rules for payment stablecoins to encourage innovation, efficiencies, cost reductions, transparency, and risk mitigation in financial transactions.
The US GENIUS Act, formally sponsored by US Senate Banking Committee Chairman Tim Scott, US House Financial Services Committee Chairman French Hill, US Senator Cynthia Lummis, and US Senator Bill Hagerty, represents a legislative effort to establish a regulatory framework for payment stablecoins within the broader context of blockchain and crypto asset technologies. The purpose of the US GENIUS Act is to provide clear rules for innovators in payment stablecoins, aiming to foster efficiencies, cost reductions, transparency, and risk mitigation in financial transactions while ensuring robust safeguards.
In the statement released by US SEC Chairman Paul S. Atkins, discussed the significance of this development for various stakeholders. “I would like to congratulate the House of Representatives on passing the GENIUS Act and commend the work both the House and Senate put into this important legislation,” Atkins noted. He further described the bill’s progress as “a historic milestone for crypto entrepreneurs, financial market participants, and everyday Americans,” expressing gratitude to the sponsors for their leadership.
Atkins elaborated on the transformative potential of the underlying technologies, stating: “Blockchain and crypto asset technologies have the potential to revolutionise America’s financial infrastructure and deliver new efficiencies, cost reductions, transparency, and risk mitigation for the benefit of all Americans. Innovators experimenting with these exciting technologies deserve clear rules of the road, which the GENIUS Act provides for payment stablecoins.” Looking ahead, he anticipated positive outcomes from the legislation: “Over the coming months and years, I look 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.”
(Source: https://www.sec.gov/newsroom/speeches-statements/atkins-statement-genius-act-071725)
