WASHINGTON – U.S. Sen. Mark R. Warner (D-VA) today applauded the Senate passage of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, bipartisan legislation to bring much-needed oversight and standards to the $250 billion stablecoin market, and released the following statement:

“For too long, stablecoins have operated in a regulatory gray area, putting consumers, markets, and national security at risk. The GENIUS Act changes that by creating guardrails for responsible innovation, setting high standards for issuers, and reining in potential abuses by big tech and bad actors.

“Many of us have deep concerns about how members of the Trump family have used crypto technologies to evade scrutiny, conceal financial entanglements, and profit off the public trust. We must remain vigilant in exposing and stopping these abuses. But our outrage over that corruption cannot prevent us from building a foundation for responsible innovation in this space. If we don’t lead, others will, and not in ways that reflect our interests or democratic values. With the GENIUS Act, the U.S. will finally begin to set the rules of the road to support innovation while protecting consumers and our national security.”

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