Statement Summary
The House of Representatives has passed the GENIUS Act, which is a significant step forward for crypto entrepreneurs and everyday Americans. This legislation, now heading to President Trump, aims to establish clear regulations for payment stablecoins, facilitating the use of blockchain and crypto technologies in America’s financial system.
Key figures like Senate Banking Committee Chairman Tim Scott, and others, have played crucial roles in advancing this bill. The GENIUS Act is expected to promote financial innovation, enabling quicker, safer, and more cost-effective transactions while ensuring robust risk management. This development positions the U.S. as a leader in crypto innovation, signaling a new regulatory framework that supports and legitimizes the growing crypto market.
Original Statement
I would like to congratulate the House of Representatives on passing the GENIUS Act and commend the work both the House and Senate put into this important legislation. Advancement of this bill to President Trump’s desk marks a historic milestone for crypto entrepreneurs, financial market participants, and everyday Americans. I would like to thank Senate Banking Committee Chairman Tim Scott, House Financial Services Committee Chairman French Hill, Senator Cynthia Lummis, and my longtime friend Senator Bill Hagerty, who sponsored this legislation, for their leadership in advancing this much-needed legislation.
Blockchain and crypto asset technologies have the potential to revolutionize America’s financial infrastructure and deliver new efficiencies, cost reductions, transparency, and risk mitigation for the benefit of all Americans. Innovators experimenting with these exciting technologies deserve clear rules of the road, which the GENIUS Act provides for payment stablecoins.
Over the coming months and years, I look forward to watching the market leverage the regulatory framework provided by the GENIUS Act to go to market with payment stablecoins solutions that make transactions quicker, cheaper, and safer—all while maintaining robust risk safeguards.
Financial innovation is critical for making the U.S. the best and most secure place in the world to invest and do business. This is an important step to spur innovation by providing the crypto industry with clear rules of the road. Today’s passage of the GENIUS Act sends a powerful message that this Administration is charting a new course. I look forward to continuing to work to make America—already the world’s leader in financial market innovation—the center of crypto asset innovation as well.
