Congressman Pat Harrigan Votes to Regulate Stablecoins and Strengthen U.S. Financial Security

July 17, 2025 Press Release Contact: Lexi Kranich (814) 380-4408 WASHINGTON, D.C.— Today, Congressman Pat Harrigan (NC-10) voted to pass S. 3 94, the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act of 2025. This bipartisan legislation creates the first federal regulatory framework for payment stablecoins, digital assets pegged to the U.S. dollar, and establishes new protections for consumers, markets, and national security. “Stablecoins are already here. The question is whether we regulate them on American terms or let foreign adversaries and unregulated actors fill the void,” said Congressman Harrigan. “This bill draws the line. If you want to issue a dollar-backed digital asset, you’ll do it with full transparency, full reserves, and full accountability.” The GENIUS Act allows only federally approved and state-qualified issuers to offer payment stablecoins, backed one-to-one by cash or safe liquid assets. It imposes strict reserve, redemption, and disclosure requirements, and empowers regulators to shut down noncompliant entities. The bill also recognizes strong state-level regimes, giving responsible innovators a path to compliance without sacrificing oversight. The bill now heads to the Senate, where Congressman Harrigan is urging swift passage to secure America’s lead in digital finance and close the door on foreign influence in U.S. markets. Issues : Jobs and Economic Growth Science, Space, and Technology