[Congressional Record Volume 171, Number 93 (Monday, June 2, 2025)]
[Senate]
[Pages S3155-S3158]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
LEGISLATIVE SESSION
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GUIDING AND ESTABLISHING NATIONAL INNOVATION FOR U.S. STABLECOINS ACT
Mr. BENNET. Mr. President, I call for the regular order.
The PRESIDING OFFICER. The regular order is the pending business.
The clerk will report.
The assistant bill clerk read as follows:
A bill (S. 1582) to provide for the regulation of payment
stablecoins, and for other purposes.
Pending:
Thune (for Ricketts/Lummis) amendment No. 2228, to provide
for expedited certification of existing regulatory regimes.
Amendment No. 2278 to Amendment No. 2228
Mr. BENNET. Mr. President, I send an amendment to the desk.
The PRESIDING OFFICER. The clerk will report the amendment by number.
The legislative clerk read as follows:
The Senator from Colorado [Mr. Bennet] proposes an
amendment numbered 2278 to amendment No. 2228.
The amendment is as follows:
(Purpose: To provide a definition)
Add at the end the following:
(__) Definition.--In this Act, the term ``senior executive
branch official'' includes the President and the Vice
President.
Mr. BENNET. Mr. President, I offer my amendment to prevent the
President and the Vice President from using their public office for
personal enrichment.
Donald Trump has already benefited enormously from his ability to
issue stablecoins, as everybody in the world knows. His World Liberty
Financial, in which he and his family have an overwhelming stake,
issued a stablecoin just the other month.
This stablecoin was chosen by companies throughout the Middle East to
facilitate a $2 billion investment in Binance. The President's company
will now reap interest in trading fees on billions of dollars while
also raising concerns about undue influence and our national security.
We shouldn't have to wonder if the President of the United States is
favoring the interests of a foreign nation or a private crypto exchange
like Binance because he stands to personally profit.
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While this amendment specifically addresses the issuance and
endorsement of stablecoins, I believe this prohibition should extend to
all digital assets, including the President's meme coin. In other
words, I believe the President and the Vice President and everybody who
is a Member of this body and in the House of Representatives should not
be in the business of speculating and issuing cryptocurrency--
stablecoins, meme coins, any of them.
The Senate should not continue with the GENIUS Act unless the
opportunities for corruption and conflict of interest on the part of
executives are fully addressed.
Boulder, Colorado Attack
Mr. BENNET. Mr. President, I want to thank my colleague from Iowa
very much, Mr. Chairman, for your acknowledging the horrific terrorist
attack in Boulder yesterday. I will be out here later with my colleague
Senator Hickenlooper to talk about it at greater length.
People were there week after week after week to mark the horrendous
hostage taking that has occurred in Gaza and that Hamas has refused to
address--hostages only Hamas can release. This war could end tomorrow
if Hamas released the hostages.
People all over this country and all over the world have marched in
solidarity for our hostages. Yesterday, the people in Boulder, CO, were
savagely attacked by a terrorist while they were expressing their First
Amendment rights. That should never happen in this country.
Again, I thank the chairman, my colleague, and my friend from Iowa
for coming to the floor to discuss that today.
I yield the floor.
I suggest the absence of a quorum.
The PRESIDING OFFICER. The clerk will call the roll.
The assistant bill clerk proceeded to call the roll.
Mr. THUNE. Mr. President, I ask unanimous consent that the order for
the quorum call be rescinded.
The PRESIDING OFFICER. Without objection, it is so ordered.
Recognition of the Majority Leader
The majority leader is recognized.
Boulder, Colorado Attack
Mr. THUNE. Mr. President, before I begin, I want to mention Sunday's
attack in Boulder, CO. A man armed with incendiary devices and shouting
anti-Israel slogans attacked a peaceful event held to draw attention to
the plight of Israeli hostages in Gaza. Eight individuals were injured,
at least two so severely that they had to be airlifted to a burn unit.
This attack would be horrifying in and of itself, but it is
particularly disturbing given that it comes on the heels of the murder
of two Israeli Embassy staffers here in DC just 2 weeks ago.
It goes without saying that there is no place for this kind of
violence in our society, and we must forcefully condemn anti-Semitism
and do everything we can to stand with and protect our Jewish
neighbors.
My prayers are with all those injured, with their families, and with
the Jewish community in Boulder and across the country.
Business Before the Senate
Mr. President, we are kicking off the June work period today. It is
going be a busy month. We have a lot to get done.
First, we will continue to focus on confirming the President's
nominees. The President needs to have his team in place so that he can
do the job he was elected to do, and we are going to continue to
deliver.
It is disappointing that the Democrats have chosen to slow down this
process by gumming up the works on even noncontroversial nominations.
But despite Democrats, we are still managing to confirm civilian
nominees at a faster pace so far than either of the previous two
administrations. We will continue to move expeditiously and build out
the President's administration.
On the legislative side, our first order of business this week will
be completing work on the GENIUS Act. This bipartisan legislation will
finally create a clear regulatory framework for stablecoins--a
framework that will protect consumers and our national security while
helping to keep the United States at the forefront of financial
innovation. I am hoping we can finish up this legislation in the very
near future.
Another item high on our list to begin work on in June is a
rescissions package the White House intends to send Congress this week.
The administration has identified a number of wasteful uses of taxpayer
dollars, and we will be taking up this package and eliminating this
waste. We will make that a priority.
We also stand ready to provide President Trump with any tools he
needs to get Russia to finally come to the table in a real way.
President Trump has invested considerable time in working to end the
bloodshed in Ukraine, but Vladimir Putin appears more interested in
prolonging the war than pursuing peace.
Finally, of course, this work period, we will focus on taking up
legislation to permanently extend tax relief for hard-working Americans
and strengthen our border, energy, and national security.
The tax relief the Republicans passed in 2017--tax relief that put
more money in the pockets of working Americans--is set to expire at the
end of this year. If Congress doesn't act, Americans making less than
$400,000 a year will see a $2.6 trillion tax hike in 2026. We are not
going to let that happen. Our biggest focus this month will be
completing this tax relief legislation, with the goal of getting the
final bill to the President before the Fourth of July.
It is going to be a very busy month, Mr. President, and I am looking
forward to the work ahead.
I yield the floor.
The PRESIDING OFFICER. The Senator from Colorado.
Mr. BENNET. Mr. President, I just want to thank the leader on behalf
of the people of Colorado and the people of Boulder for his remarks of
concern. I share his commitment to making sure these sorts of terrorist
attacks don't happen in our country when people are expressing their
free speech rights.
It is not surprising to me that the leader would be one of the very
first people to the floor to raise the voices of the people of Colorado
in this moment and the people of his State.
Thank you, Leader.
The PRESIDING OFFICER. The Senator from Iowa.
(The remarks of Mr. GRASSLEY pertaining to the introduction of S.
Res. 259 are printed in today's Record under ``Submitted
Resolutions.'')
Mr. GRASSLEY. I yield the floor.
I suggest the absence of a quorum.
The PRESIDING OFFICER. The clerk will call the roll.
The assistant bill clerk proceeded to call the roll.
Mr. DURBIN. Mr. President, I ask unanimous consent that the order for
the quorum call be rescinded.
The PRESIDING OFFICER. Without objection, it is so ordered.
Boulder, Colorado Attack
Mr. DURBIN. Mr. President, let me join in the bipartisan comments
that have been made on the Senate floor this afternoon relative to the
tragedy in Boulder, CO. The point is obvious: The use of force and
violence is never--underline ``never''--appropriate in a political
context in an exchange of ideas.
As I understand it, there were people who were peacefully
demonstrating on behalf of the hostages being held by the Hamas
terrorists in the Middle East, and they were brutally attacked by a
person who was shouting slogans about his political views.
Who that person is, where they are from, is really important at this
moment in the investigation but not critical to the observation I am
about to make. That sort of conduct--physically attacking other
individuals over a political issue--is never--never--appropriate nor
consistent with the guarantees given to us in the Constitution.
Ukraine
Mr. President, on a separate topic, there recently were efforts in
Istanbul to advance peace talks between Ukraine and Russia. After 3
years of this bloody war in Ukraine, it is clear that we should move as
quickly as possible to a peaceful resolution and the end of
hostilities.
I wish I could say I was surprised that Russian President Vladimir
Putin refused to attend, but I wasn't. Anyone following this war can
clearly see that Vladimir Putin isn't serious about ending this bloody
conflict which he started.
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There was some confusion in the early days of the Trump
administration, and they were blaming the Ukrainians for invading
themselves, which made no sense whatsoever. It was Putin's idea, and he
executed it.
Let's not forget that 11 years ago, he militarily seized Crimea and
other parts of eastern Ukraine. More than 3 years ago, Putin tried to
take over Ukraine itself and install a puppet regime beholden to him.
With advanced warning and weapons from the United States, the brave
Ukrainians defied the experts. They said the Ukrainians couldn't last 2
weeks defending their country against the second largest military in
the world. The experts were wrong. Those Ukrainians have protected
their independence from brutality but at great cost in lives,
destruction, and territory.
The costs have been staggering: Thousands of individuals have lost
their lives because of this Russian invasion; countless children were
abducted from their schools and homes by the Russians and sent for
indoctrination in Russia itself; desperate use of North Korea and
Iranian assistance; Russian sabotage, mayhem, and threats to our NATO
allies across the world, all inspired by one man: Vladimir Putin, the
leader of Russia.
Why do I revisit the obvious? Because it has been obvious for more
than a decade that Vladimir Putin isn't interested in ending the war,
obvious to everyone except perhaps our own President.
President Trump promised that he would end this war on his first day
in office. Instead, Trump and his Vice President publicly humiliated
Ukrainian President Zelenskyy when he visited the White House and made
embarrassing overtures to Putin. Putin's response has been to thumb his
nose at the United States and peace efforts.
In fact, already this year, civilian Ukrainian deaths from Russian
attacks are higher than they were last year, and assaults on civilian
targets in the last 2 weeks alone have been relentless. Innocent people
are dying because of these drones and bombs and artillery.
I want this war to end, but it should not be a blatant giveaway to
Vladimir Putin or driven by any illusion about Putin's long-term
intentions to control Ukraine and weaken the NATO alliance, nor can it
be done at the security expense of Baltic and Polish allies who are
also in Putin's crosshairs.
That is why Leader Thune, here in the Senate, needs to immediately
put Senator Graham's Russia sanctions bill--which I and 80 other
Senators have cosponsored--on the floor for a vote.
Let me tell you about this bill. Senator Graham's Russian sanction
bill, on which I was an early cosponsor, now has 80 total cosponsors--
maybe more now--80 cosponsors, Democrats and Republicans. This bill
would impose primary sanctions on Russia and secondary sanctions on
those supporting Russia's war in Ukraine if Putin refuses to engage in
good-faith peace negotiations or initiates another effort, including a
military invasion, that undermines the sovereignty of Ukraine after any
such peace is negotiated.
This bipartisan legislation imposes a 500-percent tariff on imported
goods from countries that buy Russian oil, gas, uranium, and other
products.
Fortunately, many European countries have already eased their
dependence on Russian gas and oil.
Behind the scenes and amid brazen indifference by Putin to negotiate,
Senator Graham, a Republican, and other Republicans, such as Senator
Grassley of Iowa, have wanted to move the bill forward in the Senate
but keep getting asked by the White House to wait.
We cannot wait any longer. Innocent people are dying because of
Putin's aggression. Russian assaults on Ukraine have continued, with
attacks during the first quarter of this year even worse than last
year, and Trump seems unwilling to do what is necessary to force Putin
to the table.
My colleague the ranking Member of the Armed Services Committee
recently argued: It is also time for us to prepare another Ukraine
supplemental. Ukraine needs the equipment and the ammunition to defend
this nation against Putin's invasion. We cannot give up on them. We
should not give up on them.
Ukraine's delegation is back in Istanbul today and will again
reiterate its support for an immediate cease-fire and call for the
further release of prisoners and the return of thousands of children
kidnapped by Russia and snatched away from their families in Ukraine.
Putin has yet to even formally offer his demands, and a breakthrough
today is not really expected.
President Trump, the whole world is watching the United States to see
if you will stand firm against Putin, especially those other
adversaries. Putin is not our friend and is not a friend of the United
States. Mr. President, you do not want our legacy to be appeasement and
surrender to Russia and a weakening of our Transatlantic security.
I yield the floor.
I suggest the absence of a quorum.
The PRESIDING OFFICER. The clerk will call the roll.
The senior assistant legislative clerk proceeded to call the roll.
Mr. SCHUMER. Mr. President, I ask unanimous consent that the order
for the quorum call be rescinded.
The PRESIDING OFFICER. Without objection, it is so ordered.
Recognition of the Minority Leader
The PRESIDING OFFICER. The Democratic leader is recognized.
Boulder, Colorado Attack
Mr. SCHUMER. Mr. President, today, Jewish Americans and all Americans
grieve in the aftermath of another anti-Semitic attack that took place
yesterday in Boulder, CO.
This time, it was an elderly group of people peacefully calling for
the release of hostages held by Hamas, brutally attacked on the Jewish
holiday of Shavuot, which celebrates God giving the Torah to the Jewish
people.
This morning, I spoke with senior officials at the FBI and urged them
to use the full extent of their power to investigate this heinous
attack. These victims did nothing wrong. They aren't involved with the
tragic conflict in the Middle East. It is reported that one of the
victims was even a Holocaust survivor. All they were doing was
expressing a simple plea: Bring the hostages home. And because of their
Jewish identity, they were targeted by hate.
When anti-Semitism is allowed to fester in more quarters of society,
it historically leads to more terrorism and violence. What happened in
Washington and in Boulder is exactly that. Assigning collective or
hereditary blame to Jews for what is happening right now in the Middle
East is blatantly anti-Semitic, and it is happening in too many corners
of America today.
Our prayers are with the victims of the attack and their families;
and we thank the first responders who apprehended the suspect before
things got even worse.
Iran
On Iran and the recent news there, White House Envoy Steve Witkoff
and Secretary of State Marco Rubio have said publicly that the United
States will not allow Iran to enrich uranium and will demand full
dismantlement of Iran's nuclear facilities.
But earlier today, Axios reported that there is a proposed side deal
in the works between the Trump administration and Iran that will give
them far more flexibility of their nuclear ambitions. This report, if
true, is terribly troubling. What is in this so-called side deal? The
administration needs to come clean immediately and make it public or
risk squandering crucial leverage against Iran.
Any negotiation with Iran should openly and transparently use all of
our leverage and address nonnuclear issues like their support for
terrorism and regional proxies. The administration must clarify what
they might be hiding from the American people.
Some of my colleagues on the other side said in 2015, with regards to
earlier negotiations on the last Iran nuclear deal, that the
administration, essentially, asked Congress to trust but not verify.
That is what they said back then. It is disturbing that the Trump
administration is preparing to do just that: cutting a secret side deal
that avoids congressional oversight and asks Congress to trust, but not
verify. Any deal between the United States and Iran must be one
Congress and the public can fully and transparently evaluate.
[[Page S3158]]
Ukraine
Yesterday, Ukrainian forces carried out one of the most significant
attacks against military targets of the entire Ukrainian war.
The single best thing President Trump can do to strengthen Ukraine's
hand right now is to show that the United States stands firmly behind
them and squarely against Russia. But so far, Trump has not done that.
Putin is a clear villain and a bully. So where is Donald Trump's
backbone? Where is his conviction? Where is that toughness he likes to
project? Frankly, Senators from both sides of the aisle are getting
tired of Donald Trump's wishy-washy approach to Putin. If Donald Trump
won't stand up to him, the Senate must.
I support legislation by Senators Blumenthal and Graham that would
land a hammerblow of sanctions in a tougher way than we ever have done
before against Russia. And 80 Senators from both sides of the aisle,
including Leader Thune and myself, cosponsor this bill. Both sides
should quickly finish negotiating any necessary changes to the bill,
and then we should put this sanctions bill on the floor for a vote as
soon as possible. It is very much needed, and it is needed now.
But then we must do more. The administration should turn over every
stone to identify more air defense systems that we or our allies can
send Ukraine, including ammunition for its Patriot systems. This will
save civilian lives.
And the United States should keep going and give more drone and
counterdrone support and greater intel sharing. These are things the
administration could start doing right now.
Budget Reconciliation
On reconciliation, what Senate Republicans will try to do this month
is a travesty. They are picking up right where House Republicans left
off--trying to ram through this Chamber Donald Trump's so-called Big
Beautiful Bill.
As the Senate returns to session, we do not yet have a text for the
Republicans' megabill. But make no mistake--the fight against this bill
is ramping up today. It starts with Senate Democrats showing the
American people what the bill actually is: ``One Ugly Bill''--one of
the most reckless, odious, and self-serving pieces of legislation we
have seen in a long time.
Today, I want to share broadly how Senate Democrats will fight this
bill with every fiber of our being. It is going to be a long and drawn-
out fight. But the American people deserve to see precisely how cruel,
how vindictive, how ugly this big bill truly is.
Case in point: House Republicans tucked into their bill a nasty
provision that will restrict the power of judges to hold government
officials in contempt. It is very clear what is going on here.
Republicans want to codify into law Donald Trump's attack against our
judicial system. They want to make our courts toothless by nullifying
their contempt powers and make it easier for the Trump administration
to ignore the courts. This is nothing less than a naked attack against
the separation of powers.
If Senate Republicans include this authoritarian provision in their
bill, Democrats will fight it tooth and nail. We will not stand by
while Republicans try to sabotage our courts. I fervently believe their
effort will not win the day.
Yesterday, I also spoke with Leader Jeffries about how both Chambers
can work together to fight back against this bill. This Wednesday,
Senator Klobuchar and I have also invited House Democratic ranking
members to meet with our caucus and share firsthand insight from their
fight in the House, including key Republican faultlines.
In all likelihood, this bill will continue to undergo changes and get
sent back to the House. For that reason, Democratic unity will be our
strongest weapon as we defend the American people from harms contained
in the bill.
Our fight in the coming weeks, of course, is not just procedural. It
is going to happen on every front--in committees and public hearings,
in the Byrd bath, online, in public, and here on this floor.
The Republican plan is very simple: sell out working and middle-class
Americans to line the pockets of the ultra, ultrawealthy and well-
connected.
Let's talk about the deficit. For years, Republicans screamed about
fiscal responsibility. But now Republicans are backing a bill that
could add over $50 trillion to the national debt over 30 years. Even
Elon Musk said this bill is a bad idea. That should tell you something.
And most cravenly of all, Republicans are cooking the books so they
can pretend their tax breaks won't impact the debt. Republicans are
planning to use the Budget chair's section 312 authority under the
Congressional Budget Act in an unprecedented and illegitimate manner to
run roughshod over the Byrd rule.
The bottom line is this: Republicans' ``One Ugly Bill'' is a farce.
It is betraying our values; it is a threat to working families; and it
is a giveaway to the very few at the expense of the many.
Senate Democrats will fight this bill in committee, on the floor, and
in the court of public opinion every step, every day, and every
possible way.
I believe to my core that the American people, when they truly know
what this bill is all about--if they see how shamelessly it enriches
the wealthy and everyone else--the American people will reject it
outright.
I yield the floor.
I suggest the absence of a quorum.
The PRESIDING OFFICER. The clerk will call the roll.
The bill clerk proceeded to call the roll.
Mr. THUNE. Madam President, I ask unanimous consent that the order
for the quorum call be rescinded.
The PRESIDING OFFICER (Mrs. Britt). Without objection, it is so
ordered.
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