Today, U.S. Senator Kirsten Gillibrand lauded Senate passage of the GENIUS Act, landmark legislation that will establish a regulatory framework for stablecoins. Senator Gillibrand was the lead Democratic senator on the bill and shepherded the legislation through to final passage.
“Senate passage of the GENIUS Act is a landmark moment in the bipartisan effort to regulate stablecoins. This bill will enable U.S. businesses and consumers to take advantage of the next generation of financial innovation,” said Gillibrand. “A product of months of bipartisan negotiations, the GENIUS Act will protect consumers, enable responsible innovation, and safeguard the dominance of the U.S. dollar. The bill targets illicit finance, places limitations on Big Tech, puts in place ethical guardrails, and strengthens national security. I want to extend my sincere gratitude to Senators Hagerty, Scott, Alsobrooks and Lummis, who worked tirelessly to find common ground and produce this excellent legislation. The GENIUS Act will position our country for the 21st century, and I will continue working to ensure it is signed into law.”
Senator Gillibrand, alongside Senators Hagerty (R-TN), Scott (R-SC), Lummis (R-WY), and Alsobrooks (D-MD), introduced the GENIUS Act earlier this year. The bill passed out of the Senate Banking Committee with bipartisan support in March 2025.
Senator Gillibrand has been working on cryptocurrency legislation since 2022, when she and Senator Lummis introduced the Lummis-Gillibrand Responsible Financial Innovation Act, a comprehensive bipartisan framework for cryptocurrency regulation. The framework was re-introduced in 2023. In 2024, Gillibrand and Lummis also introduced a stablecoin bill that included many of the provisions that passed in the GENIUS Act.
###