Today, U.S. Senator Kirsten Gillibrand issued the following statement on the GENIUS Act:
“I believe it is essential to the future of the U.S. economy and to everyday Americans that we enact strict stablecoin regulations and consumer protections where none currently exist. Over the past few years, I have worked in good faith with Republicans to author robust stablecoin legislation that protects consumers, enables innovation to thrive, and maintains the dominance of the U.S. dollar. The bipartisanship of this effort was on display when the bill passed out of the Banking Committee with strong support from Democrats and Republicans.
However, developments over the past week made it clear that there were a number of outstanding issues that needed to be addressed before this bill could pass the full Senate. I fully support my colleagues’ efforts and applaud Senator Hagerty for his tireless work across the aisle to improve and strengthen this bill.
For as hard as the senators worked, we were unable to have bill text in time before today’s cloture vote. I remain extremely confident and hopeful that very soon we can finish the job.”
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