Elizabeth Warren: “I rise today to talk about the GENIUS Act and the urgent need to strengthen this bill before the Senate votes on it…”

“I rise today to talk about the GENIUS Act and the urgent need to strengthen this bill before the Senate votes on it later this week. The GENIUS Act would create a framework for bringing stablecoins deeper into the U.S. financial system. For those who are unfamiliar with stablecoins, they are a type of cryptocurrency whose value is pegged to the value of another asset like the U.S. dollar. A stablecoin is similar to a bank deposit only without the guarantees of a bank behind it. A stablecoin is supposed to maintain a stable value, so a holder can redeem it to get their cash back on demand, and they can make payments with it, at least in theory. Democrats want to work with Republicans to advance a stablecoin bill that will make stablecoins safer to use and curb the worst abuses of the industry. There are five areas that need revision. First, a bill must include basic rules so government officials can't use stablecoin ventures to line their own pockets and so that foreign governments and giant corporations cannot use stablecoins to pay bribes to the President of the United States. Second, the bill must prevent Big Tech and other commercial firms from issuing stablecoins, thereby preserving America's historical separation between banking and commerce. Third, the bill must include basic consumer protections--the same as for any other financial transaction.…”