[Congressional Record Volume 171, Number 104 (Tuesday, June 17, 2025)]
[Senate]
[Pages S3417-S3418]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]



                               GENIUS Act

  Ms. LUMMIS. Mr. President, today is a day I have been working toward 
for over 4 months. After months of intense negotiations, we are minutes 
away from passing the GENIUS Act, Senator Bill Hagerty's legislation 
that will be a first step toward modernizing the American payment 
system and integrating digital assets into the U.S. economy in a 
responsible way.
  I want to congratulate my friend Senator Hagerty for this achievement 
and thank him for his incredible leadership on this bill. He has been a 
true ally of the digital asset industry, and I am so proud to have 
worked with him on his GENIUS Act over the past few months.
  Since 2017, Wyoming has been on the forefront of digital asset 
policy, long before it was popular or politically expedient. In 
Wyoming, we recognized early on what the rest of the country is 
beginning to understand: that digital assets are a force for good and 
that you can have both responsible innovation and consumer protection 
side by side.
  The GENIUS Act protects the dual banking system and gives stablecoin 
issuers a real choice between State and Federal charters, preserving 
the innovative spirit that has also made States like Wyoming leaders in 
this space while also ensuring we have robust oversight when necessary.
  This legislation is also about economic security and opportunity. It 
protects the U.S. dollar's role as the world's reserve currency by 
ensuring that dollar-backed stablecoins remain strong and reliable. 
Most of all, it ensures American consumers and businesses can 
participate in the digital economy with confidence and security.
  The sobering reality is that even while we have been negotiating, 
other nations have been hard at work offering their own frameworks and 
encouraging the digital asset industry to call their respective 
countries home. America's role as the global financial services leader 
is a privilege, not a right, and we must innovate to compete with other 
nations that want to attract American businesses.
  This is only the first step. Congress must pass comprehensive market 
structure legislation in the coming months that draws the line between 
a security and a commodity and creates a pathway for digital asset 
exchanges to register with the Commodity Futures Trading Commission. 
Working on this legislation has begun in earnest, and in the coming 
weeks, the Senate will begin to hold hearings and release draft 
legislation on this critical topic. I look forward to working with 
Chairman Scott, Leader Thune, and Senator Tillis on getting market 
structure done this year.
  I am proud to deliver on President Trump's promise to lead the most 
pro-digital asset administration in our history. He understands that 
making America the crypto capital of the world isn't just good policy; 
it is an economic imperative. This legislation proves that when we work 
together, we can craft solutions that protect consumers without 
sacrificing innovation.
  The time for hesitation has passed. The time for leadership is now. I 
want to thank Leader Thune and Chairman Scott for their unwavering 
commitment to getting this critical piece of legislation across the 
finish line. I want to thank my colleagues and our staff for the absurd 
number of hours that we spent in windowless rooms over the last weeks 
to bring this bill to the finish line.
  It is not too late for America to show the world that our Nation 
doesn't just adapt to change; we lead it. Let's get GENIUS passed and 
secure America's financial future.
  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. HAGERTY. Mr. President, I ask unanimous consent that the order 
for the quorum call be rescinded.
  The PRESIDING OFFICER. Without objection, it is so ordered.
  Mr. HAGERTY. Mr. President, today, on a bipartisan basis, the Senate 
will pass its first major digital asset legislation ever--the GENIUS 
Act. With this bill, the United States is one step closer to becoming 
the global leader in crypto.
  The GENIUS Act establishes a pro-growth regulatory framework for 
payment stablecoins. This bill will cement U.S. dollar dominance; it 
will protect customers; it will drive demand for U.S. Treasurys; and it 
will ensure that digital asset innovation happens in the United States 
of America, not abroad.
  With GENIUS, the value of stablecoins will be pegged to the U.S. 
dollar and backed one-to-one by cash and short-term U.S. Treasurys. 
This will provide certainty and confidence for more wide-scale adoption 
of this transformational technology. By combining the dollar's 
advantages with the speed and the efficiency of blockchain technology, 
the GENIUS Act facilitates traditional finance's adoption of crypto and 
ushers in a new era in payments.
  The prospect of faster and cheaper payments will have far-reaching 
implications for our financial system. Once the GENIUS Act is law, 
businesses of all sizes and Americans across the country will be able 
to settle payments nearly instantaneously rather than waiting for days 
or sometimes even weeks. Put simply, stablecoins are a paradigm-
shifting development that can bring our payment system into the 21st 
century.
  This legislation establishes procedures for issuing stablecoins; it 
designates clear roles for Federal and State regulators; it implements 
standards for consumer protection; and it includes strong safeguards to 
deter illicit activity.
  Protections show that with the passage of GENIUS, stablecoin issuers 
could become the world's largest holders of U.S. Treasurys by 2030. 
Such an

[[Page S3418]]

outcome would enhance our fiscal resilience, and it will cement the 
U.S. dollar's dominance as the global reserve currency. The positive 
implications of this legislation are hard to overstate.
  Today will be remembered as an inflection point for innovation in the 
United States of America.
  I would like to thank my colleagues for supporting this legislation. 
Particularly, I would like to thank Leader John Thune and Senators 
Scott, Lummis, Gillibrand, and Alsobrooks for helping to get this 
legislation across the finish line. I would also like to thank our 
wonderful staff, particularly calling out Luke Pettit, Chris Land, 
Catherine Fuchs, Bill Rockwood, Nick Larsen, and Chris Toppings, all of 
whom have put in effort night and day to make certain that this 
legislation is a success.
  I look forward to getting the GENIUS Act signed into law in very 
short order.

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