WASHINGTON—United States Senator Bill Hagerty (R-TN), a member of the Senate Banking Committee and the Senate Banking Subcommittee on Digital Assets, today delivered opening remarks at a markup of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, legislation he introduced to establish a clear regulatory framework for payment stablecoins.
Remarks as prepared for delivery:
As the world modernizes its payment systems, the U.S. cannot be left behind.
Stablecoins can play a pivotal role in spurring that modernization.
Whether it’s improving transaction efficiency, freeing up working capital, or driving U.S. treasury demand, the benefits of a clear regulatory framework for stablecoin are immense.
I want to acknowledge the hard work of my colleagues on both sides of the aisle, who have worked tirelessly on this bill and have consulted with countless industry participants, academic experts, and government stakeholders to put together a truly bi-partisan effort.
The Genius Act has gained that bipartisan support because it presents common sense rules that protect consumers, promote competition, and foster innovation. It’s time we provide the clarity and stability that our country and its innovators so desperately need.
Before I conclude, I’d just like to note that Sen. Alsobrooks has raised an adjustment to ensure the proper technical application of consumer application laws. There were no loopholes created in this bill, and if there are any technical fixes necessary, I look forward to working with Sen. Alsobrooks and my colleagues on this Committee to address them.
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