Ahead of a significant Senate vote on the GENIUS Act, various stakeholders have expressed their support for this legislation. The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act aims to create a regulatory framework for payment stablecoins in the United States. This bill is led by Senator Bill Hagerty and co-sponsored by Chairman Tim Scott and Subcommittee on Digital Assets Chair Cynthia Lummis.
Key voices from the digital asset industry have called on the Senate to proceed with debating the GENIUS Act. Kristin Smith, Cody Carbone, and Ji Kim, leaders of prominent digital asset trade associations, stated: “We respectfully urge Senators to vote YES on the motion to proceed to consideration of the GENIUS Act, and move us one step closer to enacting a bipartisan stablecoin framework.”
Jonathan Jachym from Kraken emphasized the importance of catching up with other major economies that already have clear rules for stablecoins: "It is critical that US lawmakers come together in the coming months to finalize stablecoin and market structure bills by August."
Dante Disparte from Circle highlighted how payment stablecoins linked to U.S. dollars are breakthroughs in global banking: “The void of U.S. regulatory leadership must be filled and harmonized internationally.”
Stripe also supports establishing a consistent regulatory framework, stating they are ready to assist Congress in crafting innovative policy solutions.
Chris Dixon from a16z crypto remarked: “The GENIUS Act will protect consumers and increase transparency--a significant improvement on the status quo.”
Kyle Samani from Multicoin Capital sees stablecoin legislation as essential for national security and economic interests: “Stablecoin legislation is in the national security and economic interests of all Americans.”
Matt Haller from Payment Choice Coalition believes this act will foster innovation and expand payment options: “This legislation will provide the necessary regulatory structure to support the development and use of stablecoins.”
Chris Jones from Merchants Payments Coalition views it as a step towards innovation in payments systems.
Matthew Pines from Bitcoin Policy Institute noted that smartly regulated ecosystems could enhance America's financial architecture.
Doug Kantor from National Association of Convenience Stores urged passage for responsible regulation behind stablecoins.
Bobby Franklin from National Venture Capital Association highlighted that such frameworks would empower entrepreneurs.
David McIntosh from Club for Growth expressed encouragement over progress towards pro-growth stablecoin legislation.