[Congressional Record Volume 171, Number 100 (Wednesday, June 11, 2025)]
[Senate]
[Page S3327]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]



                           GENIUS Act of 2025

  Mr. THUNE. Mr. President, a significant number of Americans are 
engaging with cryptocurrency. That includes Americans who use 
stablecoins, and then there are the individuals and business around the 
world that access the American dollar through the use of dollar-backed 
stablecoins.
  Stablecoins are a relatively recent financial innovation, but they 
have quickly caught on. They offer easy payments with the speed and 
security of the blockchain and the stability and usability of the 
dollar bill. There are roughly a quarter trillion dollars of them now 
in circulation.
  Traditional financial institutions are said to be considering getting 
into the stablecoin business, and companies like Uber and Airbnb are 
reportedly exploring integrating them into their businesses. It is 
clear that cryptocurrency is here to stay, and it is time that we bring 
it into the mainstream.
  Passing the GENIUS Act is a good first step. The GENIUS Act would 
provide a clear regulatory framework for stablecoins. It would ensure 
Americans can trust who they are doing business with when they purchase 
stablecoins, allowing the American people to exercise financial freedom 
with confidence.
  The GENIUS Act would also protect against threats to our national 
security and from criminal activity. It would require stablecoin 
issuers to uphold the same standards as other financial institutions to 
monitor and report suspicious activity, comply with U.S. sanctions, and 
block elicit transactions.
  Plus, the vast majority of stablecoins are backed by the U.S. dollar, 
which means this bill will create demand for the U.S. dollar and U.S. 
Treasurys, something that is good both for our national security and 
our fiscal house. It is yet another reason why we should want 
stablecoins to be made in America.
  The GENIUS Act represents the bipartisan consensus on clear rules of 
the road for this new financial innovation. Today, stablecoin issuers 
are operating in a legal gray zone. Companies that want to follow the 
rules can't be sure what rules to follow.
  And the Biden administration didn't help matters with its numerous 
lawsuits, which left many U.S.-based companies contemplating moving out 
of the United States altogether.
  We want America to lead in financial innovation. We want to bring 
cryptocurrency into the mainstream, and the GENIUS Act will help us do 
that.
  It is time to pass this bill. The version of the GENIUS Act that we 
will invoke cloture on today reflects months of hard work and 
negotiations from Members on both sides of the aisle. It is a good 
product that, as I said, represents the bipartisan consensus on the way 
forward.
  And I appreciate the leadership of Senators Hagerty and Lummis and 
Chairman Tim Scott in getting the GENIUS Act to this point.
  It has been a long haul. It began in March, with a 3-hour markup in 
the Banking Committee, where Senators considered 40 different 
amendments to this bill. It ultimately passed out of the committee by a 
vote of 18 to 6.
  Before we began floor debate, negotiations on the bill continued, and 
a number of changes were made to the bill, most of them to accommodate 
demands from Democrats, while maintaining the full-throated support of 
the administration.
  Three weeks after the bill finally came to the floor, it is time to 
move forward and pass this legislation. I hope that we will see another 
strong bipartisan vote on the GENIUS Act later today and in the coming 
days as we conclude our work. And I hope that the House will quickly 
take up this bill and send it to the President, who is eager to sign 
this legislation.
  As I said last month, at the beginning of the floor process, the 
GENIUS Act will not be the last word on crypto legislation. There is 
more work to be done, including on market structure legislation. I know 
our colleagues have already begun work in that area as well. This 
remains a priority for many in our conference, and it is the next 
logical step in making the United States the crypto capital of the 
world.
  And I am looking forward to continued progress in bringing 
cryptocurrency into the mainstream and securing American leadership in 
financial innovation. Digital assets are the future, and we are working 
to ensure that future is one where America leads.
  I yield the floor.
  I suggest the absence of a quorum.
  The PRESIDING OFFICER. The clerk will call the roll.
  The senior assistant executive clerk proceeded to call the roll.
  Mr. BARRASSO. Mr. President, I ask unanimous consent that the order 
for the quorum call be rescinded.
  The PRESIDING OFFICER. Without objection, it is so ordered.