May 06, 2025

Ahead of Historic Senate Vote, Key Stakeholders Voice Support for GENIUS Act

Washington, D.C. – Ahead of the U.S. Senate’s historic vote on legislation to establish the first ever regulatory framework for payment stablecoins, key stakeholders are voicing support for the bill. The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act – led by Senator Bill Hagerty (R-Tenn.) and co-sponsored by Chairman Tim Scott (R-S.C.) and Subcommittee on Digital Assets Chair Cynthia Lummis (R-Wyo.) – has benefited from extensive consultation with industry participants, academic experts, and government stakeholders.

Here's what they are saying:

“We, the CEOs of the nation’s three leading digital asset trade associations, jointly urge the Senate to bring the GENIUS Act to the floor for debate this week. A comprehensive regulatory framework will enable widespread and increased stablecoin adoption, which is essential to cementing U.S. dollar dominance in the digital economy. We are grateful for the significant strides the GENIUS Act has already made, and we hope to see meaningful refinements to further ensure U.S. leadership in digital finance. 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,” said Kristin Smith, CEO, Blockchain Association; Cody Carbone, CEO, The Digital Chamber; and Ji Kim, Acting CEO, Crypto Council for Innovation.

"We commend the Senate for advancing this important piece of an effective framework for US crypto regulation. Other major economies around the world are years ahead in putting clear rules in place for stablecoins and centralized intermediaries. After many years of legislative progress, it is critical that US lawmakers come together in the coming months to finalize stablecoin and market structure bills by August," said Jonathan Jachym, Global Head of Policy and Government Relations, Kraken.

“The GENIUS Act provides an opportunity to level the playing field for bank and regulated non-bank actors competing in payments and money movement. The emergence of payment stablecoins linked to U.S. dollars have proven to not only be a breakthrough in crypto markets, but a breakthrough in global banking and payments. The void of U.S. regulatory leadership must be filled and harmonized internationally. The passage of a national framework for dollar-denominated payment stablecoins is the perfect vehicle to assure the U.S. wins the digital currency space race. Chairman Tim Scott’s principled and bipartisan leadership should be commended and the President’s call to action for payment stablecoin legislation should be urgently answered,” said Dante Disparte, Chief Strategy Officer and Head of Global Policy, Circle.

“Stripe supports the development of a clear, consistent regulatory framework for stablecoins and welcomes the growing bipartisan interest in this issue. We appreciate the leadership shown by the Senate Banking Committee and encourage continued efforts to advance legislation that safeguards innovation and strengthens U.S. competitiveness in financial services. Stripe stands ready to provide input and technical assistance as Congress works to craft durable, innovative, and forward-looking policy solutions,” said Stripe.

“It’s time to pass bipartisan stablecoin legislation. The GENIUS Act will protect consumers and increase transparency--a significant improvement on the status quo. We support any legislation that achieves that progress while safeguarding the core benefits of blockchain technology — empowering peer-to-peer digital economies to operate without intermediaries. The bill isn't perfect and will require refinements to achieve these goals, but it is essential that the Senate complete its bipartisan work on the GENIUS Act. Moving quickly on this and a market structure bill would provide long-overdue clarity for consumers and the industry so that we entrench dollar dominance and the U.S. remains the leader in blockchain technology,” said Chris Dixon, Managing Partner, a16z crypto.

“Stablecoin legislation is in the national security and economic interests of all Americans. It is an unlock for faster, better payment infrastructure and collateral management. We thank Chairman Scott and Senators Hagerty, Lummis, Gillibrand and Alsobrooks for leading the GENIUS Act charge,” said Kyle Samani, Co-Founder and Managing Partner, Multicoin Capital.

“The GENIUS Act will foster innovation and expand payment options by promoting the growth of a secure, efficient, and competitive payment ecosystem. This legislation will provide the necessary regulatory structure to support the development and use of stablecoins, ensuring consumers have access to cutting-edge payment methods while offering small businesses, including local franchises, the stability and transparency required to integrate stablecoins as a payment option,” said Matt Haller, Payment Choice Coalition President and President & CEO, International Franchise Association.

“The U.S. payments system desperately needs innovation, and a sound regulatory framework for stablecoins is one key step in achieving that,” said Chris Jones, Merchants Payments Coalition Executive Committee Member and Senior Vice President of Government Relations and Counsel, National Grocers Association. “For too long the dominant payments industry players have used their positions to stop innovation and competition. The GENIUS Act is a good step on the road to positive change.”

“In today's more competitive global environment, the United States must leverage digital networks and financial innovation to secure strategic advantage and advance the power of open systems. The emergence of a smartly regulated stablecoin ecosystem presents a unique opportunity to upgrade America's financial architecture and expand the dollar network. Alongside forward-thinking policies like the Strategic Bitcoin Reserve, the GENIUS Act will help kick-start a flywheel of innovation and adoption of open monetary networks that embed our values and reinforce our financial dominance,” said Matthew Pines, Executive Director, Bitcoin Policy Institute.

“The GENIUS Act presents a real opportunity for innovation in payments,” said Doug Kantor, General Counsel, National Association of Convenience Stores. “The technology to make payments far more efficient exists today, but to get there, Main Street needs to know stablecoin has responsible regulation behind it and we need a competitive market. We urge passage of the GENIUS Act and additional reforms so that the American economy benefits.”

“We urge the Senate to continue working in good faith to resolve outstanding differences and advance the bipartisan GENIUS Act. U.S. leadership in the digital economy depends on establishing a clear and consistent regulatory framework for stablecoins that fosters innovation, empowers entrepreneurs, and helps build the next generation of financial technologies. A strong stablecoin framework will also support the venture capital industry’s efforts to back groundbreaking companies and strengthen America’s global financial technology leadership,” said Bobby Franklin, President and CEO, National Venture Capital Association.

“Club for Growth is encouraged by the continued progress in Congress toward establishing a stable, light-touch regulatory framework for stablecoins. We applaud Senate leaders for their efforts to support innovation while limiting regulatory overreach in decentralized blockchain technology. It is imperative that the GENIUS Act advances so pro-growth stablecoin legislation can be signed into law by President Trump,” said David McIntosh, President, Club for Growth.

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