Mark Warner: “For too long, stablecoins have operated in a regulatory gray area, putting consumers, markets, and national security at…”

“For too long, stablecoins have operated in a regulatory gray area, putting consumers, markets, and national security at risk. The bipartisan GENIUS Act brings much-needed oversight and standards to the $250 billion stablecoin market. It also creates guardrails for responsible innovation and will enact sensible consumer protections for payment stablecoins. As an early supporter and negotiator of the final version of the bill, I pushed for provisions which clearly preserve State consumer protection laws in the negotiated rule of construction in section 7(f)(4). This provision is commonsense and furthers the goal of ensuring that consumer interests come first.”