Today, Senators Bill Hagerty and Kirsten Gillibrand issued statements regarding the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. This legislation aims to create a regulatory framework for payment stablecoins.
Senator Hagerty stated, “Next week, the Senate will make history when we debate and pass the GENIUS Act that establishes the first ever pro-growth regulatory framework for payment stablecoins.” He emphasized that the bill would strengthen US dollar dominance, protect consumers, increase demand for US treasuries, and ensure innovation in digital assets remains under US control.
Senator Gillibrand highlighted the role of stablecoins in the global economy. She said, “Stablecoins are already playing an important role in the global economy, and it is essential that the U.S. enact legislation that protects consumers, while also enabling responsible innovations.” She noted that the bipartisan GENIUS Act would provide regulatory clarity, maintain innovation within US borders, enhance consumer protection, and reaffirm US dollar dominance. Gillibrand expressed optimism about passing the bill soon.
