Nashville Standard

United States Senator Bill Hagerty (R-TN) delivered opening remarks during a Senate Banking Committee session as the committee marked up the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. The legislation, introduced by Hagerty, aims to establish a regulatory framework for payment stablecoins.

In his prepared statement, Hagerty emphasized the importance of modernizing U.S. payment systems to keep pace with global advancements. He stated that stablecoins could significantly contribute to this modernization by improving transaction efficiency, freeing up working capital, and increasing demand for U.S. treasury assets.

Hagerty acknowledged the bipartisan efforts behind the GENIUS Act, highlighting collaboration among colleagues from both parties who consulted with industry participants, academic experts, and government stakeholders. "The Genius Act has gained that bipartisan support because it presents common sense rules that protect consumers, promote competition, and foster innovation," he said.

He also addressed concerns raised by Sen. Alsobrooks regarding consumer application laws within the bill. Hagerty assured that no loopholes were created and expressed willingness to work on any necessary technical adjustments alongside Sen. Alsobrooks and other committee members.