Gallego, Colleagues Issue Statement on GENIUS Act

WASHINGTON –Today,Senator Ruben Gallego (D-AZ), Ranking Member of the Digital Assets Subcommittee, andSenators Mark Warner (D-VA), Raphael Warnock (D-GA), Lisa Blunt Rochester (D-DE), Catherine Cortez Masto (D-NV), Andy Kim (D-NJ), Ben Ray Luján (D-NM), John Hickenlooper (D-CO),andAdam Schiff (D-CA),released the following statement on theGuiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act:
“As stablecoins continue to grow in popularity, it is critical for Congress to work in a bipartisan fashion to create a regulatory framework that sets forth clear rules of the road. We recognize that the absence of regulation leaves consumers unprotected and vulnerable to predatory practices. We have approached this process constructively and with an open mind, with the understanding that additional improvements to the bill would be made.
“However, the bill as it currently stands still has numerous issues that must be addressed, including adding stronger provisions on anti-money laundering, foreign issuers, national security, preserving the safety and soundness of our financial system, and accountability for those who don’t meet the act’s requirements. While we are eager to continue working with our colleagues to address these issues, we would be unable to vote for cloture should the current version of the bill come to the floor.”
5/3/25