Today, U.S. Senator Kirsten Gillibrand applauded House passage of the GENIUS Act, landmark legislation that will establish a regulatory framework for stablecoins. As the lead Democratic senator on the bill, Senator Gillibrand shepherded the legislation to passage in the Senate in June.
“House passage of the GENIUS Act is a historic milestone in our bipartisan effort to regulate stablecoins. This bill will empower American businesses and consumers and enable them to take advantage of the next iteration of financial innovation,” said Senator Gillibrand. “A result of serious bipartisan negotiations, the GENIUS Act will protect consumers, enable responsible innovation, and safeguard the dominance of the U.S. dollar. This bill targets illicit finance, places limitations on Big Tech, puts in place ethical guardrails, and strengthens national security. The GENIUS Act is landmark legislation that will help maintain American global competitiveness, now and into the future.”
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, and the Senate passed the full bill with strong bipartisan support in June 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.
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