Guiding and Establishing National Innovation for U.S. Stablecoins Act

Floor Speech

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Mr. SHERMAN. Mr. Speaker, it is customary, when we consider major legislation, to give credit to those who created the bill. The ghost of Sam Bankman-Fried looms above this auditorium. He is the genius behind this GENIUS Act, and one can only hope that he is able to watch C-SPAN on a black-and-white television set in his prison cell.

You don't have to be a genius to know that this bill is an attack on working families. That is why the AFL-CIO says no, and they are scoring it.

They call it stablecoin. It is not stable. It is not a coin. It is a money market account that, under this law, must pay zero percent interest. Who wants to forgo a 4 percent rate of return and get a zero percent return in stablecoin? Those who are desperate for what cryptocurrency offers.

Cryptocurrency literally means hidden money, and these stablecoins are exempt from the anti-money laundering provisions. Thus, it meets the needs perfectly of drug dealers, human traffickers, sanctions evaders, those who are hiding assets from their former spouses, and tax evaders.

Just to be clear, the Republicans rejected unanimously in committee a provision to prevent mixers. Mixers are devices whose sole purpose is to defeat even top law enforcement efforts pursuant to a warrant, and under this bill mixers will be used to defeat law enforcement.

Republicans claim to be against crime in the streets, but they are creating a device whose sole purpose is to facilitate crime in the suites.

Page 43 of this bill contains a provision maintaining the eligibility of stablecoins for bailouts under a facility created under section 13(3) of the Federal Reserve Act. Now, Jerome Powell won't bail out stablecoin, but the next guy will.

Stablecoin marketers are going to tell investors that if they ever have a problem they are going to get bailed out. After all, crypto has all the power in Congress because it is the number one source of super- PAC independent expenditures. Last year, crypto did more super-PAC expenditures than Big Oil and Big Pharma times five.

This bill is designed to enrich President Donald Trump. Even Richard Nixon never thought of printing up baskets of Monopoly money and selling them for cash. Trump thought of it, and he is doing it electronically.

Abu Dhabi has announced they are investing $2 billion in Trump stablecoin, $2 billion in Trump's hands where he has to pay nothing, zero percent, on the loan. He invests the money, makes $2 million a week, up until Abu Dhabi demands its money back, which they are never going to do as long as our foreign policy meets the needs of Abu Dhabi.

Republicans rejected unanimously an amendment to prevent taxpayer money from being used to buy crypto. If you are voting for this bill, you are voting for taxpayer money to go into buying Trump coin.

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