Political Quotes

“I rise today to discuss S. 1582, the so-called GENIUS Act. Several weeks ago, when the majority leader said we would have votes on amendments, I took him seriously, and I was one of the first to file. And we could have been voting on amendments--my amendments, those of my colleagues--at any time in the last few weeks, but that hasn't happened. That is regrettable because the GENIUS Act, as it is currently drafted, is, I believe, fundamentally flawed. The GENIUS Act exposes taxpayers, consumers, and the financial system to unacceptable risk and creates venues for criminals, terrorists, and rogue governments to finance their illicit activities. Among other things, this bill places the U.S. Government stamp of approval on Tether, the world's largest stablecoin, which is based in El Salvador and favored by North Korea, Russian arms dealers, ransomware attackers, the Iranian military, the drug cartels, and so many other criminal organizations. The GENIUS Act takes already weak State laws and makes them weaker and applies them nationwide, making it possible for stablecoin companies to operate with near-zero capital and unable to withstand a financial crisis. It is possible for stablecoin companies to avoid getting an audit. It is impossible for the government to revoke a stablecoin company's charter, even if it turns out to be a Ponzi scheme or if an executive dips into customer funds.”