Yesterday May 16, Sens. Bill Hagerty (R-TN) and Kirsten Gillibrand (D-NY) released the following statements on the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, a historic piece of legislation that establishes a clear regulatory framework for payment stablecoins.

“Next week, the Senate will make history when we debate and pass the GENIUS Act that establishes the first ever pro-growth regulatory framework for payment stablecoins,” said Senator Hagerty. “This bill will cement US dollar dominance, protect customers, increase demand for US treasuries, and ensure that innovation in the digital asset space is in the hands of the United States of America, not our adversaries.”

“Stablecoins are already playing an important role in the global economy, and it is essential that the U.S. enact legislation that protects consumers, while also enabling responsible innovations,” said Senator Gillibrand. “The bipartisan GENIUS Act will provide regulatory clarity to this important industry, keep innovation on shore, add robust consumer protection, and reaffirm the dominance of the U.S. dollar. The crafting of this bill has been a true bipartisan effort and I’m optimistic we can pass it in the coming days.”