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

Floor Speech

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Mr. GOTTHEIMER. Mr. Speaker, I rise in support of the bipartisan GENIUS Act. This legislation builds on the bicameral negotiations that Chairman Hill, former Chairman McHenry, Chairman Steil, and I, and so many others, have worked so hard on for the past years.

The GENIUS Act is smart bipartisan legislation that backs stablecoins through the U.S. dollar on a 1-to-1 basis and allows States to make future safeguards to further protect consumers.

The GENIUS Act, as I said, protects consumers and gives clear rules of the road to allow America to lead the way in a space that is key to our economy. It cracks down on illicit finance, helps counter bad actors, and reinforces the global strength of the dollar, all while lowering the cost of payments and making transactions happen in just seconds.

The bill has already passed the Senate in a strong bipartisan way. Now, it is time for us to clarify rules for stablecoins, protect consumers, and promote American innovation.

As I said before, when we were talking about the CLARITY Act, the question is: Do we want some rules of the road or no rules of the road? To vote against this bill and to vote against the CLARITY Act is irresponsible if you want to make sure that the Trump coin has oversight and that consumers are protected.

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Mr. GOTTHEIMER. Mr. Speaker, to not pass this legislation is deeply irresponsible. It will allow the Wild West to continue.

This will protect consumers and ensure that the Trump coin and others are overseen, with protection and oversight from the CFTC. It is critically important for protecting consumers and protecting our country.

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