U.S. Securities and Exchange Commission (SEC) Chair Paul S. Atkins has welcomed the House of Representatives’ approval of the GENIUS Act, calling it a major milestone for digital asset regulation. The legislation, which establishes a formal regulatory framework for payment stablecoins, passed in a 308-122 vote on July 17, 2025, and now awaits President Donald Trump’s signature.
Atkins, in his official remarks published on the SEC website, congratulated Congress for delivering a regulatory framework tailored for payment stablecoins. He emphasized that innovators deserve “clear rules of the road,” and endorsed the establishment of stablecoin-specific standards,which include reserve backing and issuer accountability.
He stated: “Advancement of this bill to President Trump’s desk marks a historic milestone for crypto entrepreneurs, financial market participants, and everyday Americans.” Atkins praised lawmakers such as Senators Tim Scott, Cynthia Lummis, and Bill Hagerty, as well as Representatives French Hill and colleagues who championed the initiative SEC.
The chair underscored that the GENIUS Act will unlock efficiencies and cost reductions across the U.S. financial system by providing clarity to payment stablecoin issuance. He went on to highlight that the framework is expected to support faster, safer, and more affordable transactions, all while maintaining “robust risk safeguards”
Atkins also suggested the SEC may adopt an “innovation exception” in its future rulemaking to facilitate broader tokenization of assets and deployment of novel trading models,showing the agency’s openness to infrastructural evolution within a regulated environment.
What this means:
- Regulatory clarity: The act brings stablecoin regulation under defined parameters, easing uncertainty for developers and issuers.
- Market growth: With clear compliance obligations, innovation and institutional participation in stablecoins could increase.
- Tokenization path: The SEC’s potential innovation exception may open the door to tokenized securities and novel asset structures.
With the GENIUS Act moving to the President, Atkins’s supportive stance signals a rare alignment between legislative action and the SEC,a development that could place the U.S. at the forefront of global crypto regulation. The SEC now looks set to operationalize these rules and reinforce America’s leadership in digital finance innovation.
About the GENIUS Act
The GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins) is a 2025 U.S. law that sets federal rules for issuing and managing payment stablecoins. It requires stablecoin issuers to hold 1:1 reserves in cash or short-term Treasuries and submit to monthly disclosures and routine audits.
The law also introduces a dual-licensing system,letting issuers choose federal or state oversight,while aiming to protect consumers and legitimize crypto in the U.S. economy.
