[Congressional Record Volume 171, Number 101 (Thursday, June 12, 2025)]
[Senate]
[Page S3385]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                               GENIUS ACT

  Ms. CORTEZ MASTO. Mr. President, as I travel from Washington, DC, to 
participate in a congressional delegation focused on U.S. national 
security while debate on the GENIUS Act, S. 1582, continues, I rise 
today to expound on my support for this critical bill. This bill 
represents what the U.S. Senate can achieve when Republicans and 
Democrats collaborate in earnest. As lawmakers, we have the 
responsibility to build and improve upon laws that are no longer 
applicable to 21st century innovation. The GENIUS Act is an important 
first step that helps solidify the United States as a leader in shaping 
payments modernization. We must maintain this ongoing effort to ensure 
digital assets grow and evolve in a safe and sound manner that not only 
protects national security but also the people engaging these 
technologies.
  The current iteration of the GENIUS Act is distinctly different from 
the text that was originally introduced because of bipartisan 
negotiations. The version being considered includes a change in section 
7(B) that I introduced during the Senate Banking, Housing, and Urban 
Affairs legislative hearing on March 13, 2025. This change ensures 
payment stablecoin issuers can only issue, redeem, and manage reserves 
to back their stablecoins and prevents issuers from engaging in 
speculative and high-risk ventures that could increase the likelihood 
of a failure.
  Furthermore, while the GENIUS Act provides a roadmap for more robust 
Federal consumer protections, I support the preservation of State 
consumer protection laws in the bill. As the former Attorney General of 
Nevada, I have always been a strong advocate for preserving a State's 
authority to act in the best interest of its residents. This goal is 
accomplished through the negotiated savings clause in section 7(f)(4) 
which solidifies congressional intent to preserve State consumer 
protection law through the bill.
  The GENIUS Act is not the end of Congress's work to bolster national 
security, encourage innovation, and protect consumers in the emerging 
digital assets ecosystem. We must continue our work to further our 
ideals that have made the U.S. financial system the envy of the world.

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