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

Floor Speech

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Mr. STEIL. Mr. Speaker, I rise in support of the GENIUS Act. The legislation brings clarity, consumer protections, and American leadership to the evolving world of payment stablecoins.

Stablecoin legislation has been in the works for over 4 years and has been called for by Democratic and Republican administrations. The status quo fails to protect consumers from fraud. That is an untenable situation in a market growing by the billions.

For too long, the United States has operated without a clear Federal framework for dollar-backed payment stablecoins, leaving consumers vulnerable to fraud, innovators in limbo, and our global competitiveness at risk.

That is why I am proud to have introduced stablecoin legislation in the House and worked alongside my colleagues in the Senate to make the legislation reaching the President's desk as strong as possible. That is why I am urging a ``yes'' vote on the GENIUS Act.

The bipartisan, bicameral legislation creates a robust framework for payment stablecoin issuance in the United States. It encourages the innovation and development of Web3 businesses here in the United States. It establishes clear rules to ensure that consumers are protected and businesses have clear regulations to responsibly participate in the digital asset ecosystem.

By requiring issuers to maintain a one-to-one reserve in cash and high-quality liquid assets like U.S. Treasuries, consumers know what they are getting and are protected.

GENIUS has strong anti-money laundering, operational risk, and governance standards in place to prevent abuse, reinforce market integrity, and create an even playing field with other financial institutions.

By passing the GENIUS Act in the House and sending it to the President's desk, Congress will be sending a clear message: The United States will dominate the future of financial innovation. We will protect consumers, support innovation, and defend the central role of the U.S. dollar in global commerce.

With this bill, we are not just responding to a moment. We are building a foundation for the future of finance in the Web3 world.

Payment stablecoin legislation is critical to this foundation. If we want to become the digital asset hub of the world, we must enact a comprehensive framework for the digital asset ecosystem.

I urge my colleagues to support both the GENIUS Act and the CLARITY Act and send a message that America leads in financial innovation and does so with integrity, strength, and a firm commitment to protecting the people we serve.

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