United States Senator Bill Hagerty of Tennessee addressed the Senate Republican Leadership Press Conference to discuss the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. This legislation aims to establish a regulatory framework for payment stablecoins.
During his remarks, Senator Hagerty expressed optimism about the potential passage of the GENIUS Act, stating, “I look forward to making history, hopefully this week, as we continue to make progress on the Genius Act.”
The senator emphasized the importance of modernizing America’s payment system through this legislation. He noted that it would position America at the forefront of innovation rather than lagging behind. “This is a dramatic new technology innovation [that] is happening here in America,” he said.
Hagerty highlighted that the bill would provide consumer protection by ensuring stablecoins are backed by U.S. dollars, supported by cash and short-term U.S. treasuries. This measure is intended to maintain U.S. dollar dominance globally and stimulate demand for U.S. treasuries.
“The projections are that by the end of this decade, stablecoin issuers here in the United States will be the number one holders of U.S. treasuries in the world,” Hagerty explained.
Senator Hagerty also mentioned bipartisan support for the bill and reiterated his eagerness to see it passed with his colleagues’ cooperation later in the week.
