Senate Majority Leader John Thune (R-SD) initiated the process to expedite a Senate floor vote on the GENIUS Act. Senate Banking Committee Chair Tim Scott (R-SC) and Sens. Cynthia Lummis (R-WY) and Bill Hagerty (R-TN) released a statement praising the move. The bill would establish a clear regulatory framework for stablecoins. Sen. Lummis said in a press release that “President Trump and Leader Thune’s decision to bring this important legislation to the floor demonstrates their commitment to maintaining US leadership in financial services while keeping digital asset companies and jobs onshore.”