Elizabeth Warren: “I rise today to talk about the vote we just had on the motion to proceed on the GENIUS Act. Despite promises that the…”

“I rise today to talk about the vote we just had on the motion to proceed on the GENIUS Act. Despite promises that the GENIUS Act's fundamental flaws would be fixed ahead of any vote, we still don't have the new bill text. Now, many of my colleagues have made clear that they want to improve this bill and that it is important for Republicans not to jam us. Well, the Republicans decided to jam us anyway. But the Democrats have power to say no, and that is exactly what we just did. The GENIUS Act would establish a new regulatory framework for stablecoins, a type of cryptocurrency whose value is pegged to the value of another asset, often, the U.S. dollar. This is a $100 billion market. A stablecoin is very similar to a bank deposit. Its value, like the value of your deposits in a bank account, is supposed to maintain a stable value. That is why they call it a stablecoin. But as we have learned throughout history, banking can be a really risky activity. It requires a robust regulatory and supervisory framework that protects consumers, that protects our national security, and that protects the stability of the financial system. Democrats in the Banking Committee worked hard to improve the GENIUS Act before, during, and after we had a vote in committee on the bill. We want to strengthen the guardrails on this new financial product to make sure that it is safe and reliable.…”