June 17, 2025
WASHINGTON, DC – Today, Senator Alsobrooks’ bipartisan Guiding and Establishing National Innovation for U.S. Stablecoins of 2025 (GENIUS) Act passed the United States Senate.
Senator Angela Alsobrooks (D-Md.) is an original cosponsor of the GENIUS Act alongside Senators Gillibrand (D-N.Y.), Hagerty (R-Tenn.), and Lummis (R-Wyo.).
After the Senate passed the legislation by a bipartisan vote of 68-30, Alsobrooks released the following statement:
“Today, the Senate voted to pass the bipartisan GENIUS Act, which would finally provide a commonsense regulatory framework for stablecoins.
“This bill marks a major step forward for Americans participating in the stablecoin marketplace. Stablecoins offer the promise of faster and cheaper payments between consumers and businesses while preserving U.S. dollar dominance. I am particularly proud of the language I secured through hard-fought negotiations to protect consumers and community banks. As more Marylanders and Americans participate in this emerging market, it is crucial that we in Congress do not drag our feet. Without this bill, the public will continue to engage with a rapidly growing industry with no guardrails and no regulatory framework. The GENIUS Act changes that.
“My priorities throughout this process have been spurring innovation, ensuring that innovation stays in America, and making sure this multi-billion dollar emerging market remains fair, competitive, and accessible for each and every American.
“It’s clear that more and more Americans view the broader digital asset market as a genuine opportunity to build wealth, create jobs, and more. I don’t believe it is the government’s place to advise the public on what and how to invest, but it is our duty to make sure every marketplace has protections and guardrails.
“Today marks the first time the Senate has ever passed comprehensive legislation to address digital assets. I am excited by this emerging technology and will continue to work with my colleagues on both sides of the aisle to keep America and Americans at the forefront.
“This bill does not include everything I would have liked – namely preventing President Trump and his family from using their position to profit off the stablecoin market. To that end, I have cosponsored End Crypto Corruption Act, which bans the President, Vice President, Senior Executive Branch Officials, Members of Congress, and their immediate families from financially benefiting from issuing, endorsing, or sponsoring crypto assets, such as meme coins and stablecoins.
“The GENIUS Act represents an important first step in protecting consumers and promoting innovation. Our work is not done, and I will continue to advocate for legislation that advances American interests, protects consumers, and fights corruption.”
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