WASHINGTON – U.S. Sen. Mark R. Warner (D-VA) released the following statement ahead of a Senate procedural vote on a revised version of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act:

“The stablecoin market has reached nearly $250 billion and the U.S. can’t afford to keep standing on the sidelines. We need clear rules of the road to protect consumers, defend national security, and support responsible innovation. The GENIUS Act is a meaningful step forward. It sets high standards for issuers, limits big tech overreach, and creates a safer, more transparent framework for digital assets. It’s not perfect, but it’s far better than the status quo.

“Many senators, myself included, have very real concerns about the Trump family’s use of crypto technologies to evade oversight, hide shady financial dealings, and personally profit at the expense of everyday Americans. We have a duty to shine a light on these abuses and stop Donald Trump from exploiting emerging technologies to enrich himself, dodge accountability, and weaken the safeguards that protect American consumers and the rule of law.

“But we cannot allow that corruption to blind us to the broader reality: blockchain technology is here to stay. If American lawmakers don’t shape it, others will – and not in ways that serve our interests or democratic values. Innovation in this space is happening, with or without us. We have a responsibility to ensure it happens safely, transparently, and in a way that advances U.S. economic and national security interests. The GENIUS Act will help get us started.” 

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