Thune to Democrats on Bipartisan Stablecoin Bill: No More Excuses
“I hope that in the future, we will be able to take up bipartisan legislation without these unnecessary delays.”
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WASHINGTON — U.S. Senate Majority Leader John Thune (R-S.D.) today delivered the following remarks on the Senate floor:
Thune’s remarks below (as delivered):
“Mr. President, this evening, we’re going to once again vote to begin consideration of the GENIUS Act.
“And I’m hoping that the second time will be the charm.
“We were here 11 days ago, Mr. President, in the same place, when Democrats inexplicably chose to block this legislation.
“The question is: Why?
“Well, that’s a good question, Mr. President.
“Stablecoin regulation is a bipartisan issue.
“This bill reflects the bipartisan consensus on this issue.
“And it’s had an open and bipartisan process since the very beginning – what we used to around here call regular order.
“In March, the Banking Committee marked up the bill text, considering 40 amendments.
“And the bill ultimately passed out of the committee by a vote of 18 to 6, with support from five Democrats.
“And since then, both Republican and Democrat members have worked to advance this legislation.
“That is, until a week and a half ago, when Democrats suddenly decided to block it just as we were getting ready to have a debate on the floor.
“Mr. President, the bill brought up a week and a half ago is the exact same bill that Democrats apparently now are willing to move forward on.
“And then, as now, Republicans were committed to a full debate on the floor – with the chance for further bipartisan amendment to the already bipartisan piece of legislation.
“So it’s really hard to understand why we needed to wait an additional 11 days for Democrats to finally agree to move.
“I’m not sure if Democrats wanted to deny Republicans – and President Trump – a bipartisan legislative victory, and then, perhaps, thought better of their obstruction, or what.
“But at least we finally seem to be here, Mr. President, ready to take up this bill.
“Because this is important legislation.
“The use of cryptocurrency has exploded from the margins to the mainstream, and stablecoins have emerged as a key part of the crypto ecosystem.
“They offer the speed and security of the blockchain with the stability and usability of the dollar bill.
“And they provide a business- and consumer-friendly way to make payments.
“But stablecoin issuers and users face challenges.
“In the United States, stablecoins have operated in a legal gray zone.
“There are no clear rules of the road to follow.
“And between that and the Biden administration’s targeting crypto companies with numerous lawsuits, many U.S.-based crypto companies have contemplated moving overseas – not something we want to see if we want the United States to remain at the forefront of financial innovation.
“Fortunately, the GENIUS Act addresses these problems by providing a clear regulatory framework for stablecoins – a framework that will protect consumers and our national security while helping to keep the United States at the forefront of financial innovation.
“The bill will also create demand for the U.S. dollar and U.S. treasuries – a good thing for both our national security and our fiscal house.
“So this is an important bill, Mr. President.
“And I’m glad that it looks like we are finally going to be able to take it up.
“And I hope that in the future, we will be able to take up bipartisan legislation without these unnecessary delays.
“I want to again thank my colleagues – from both parties – for their work on this bill.
“Senators Hagerty, Lummis, and Tim Scott have worked tirelessly with Senators Gillibrand and Alsobrooks and their members.
“And they all deserve a ton of credit for listening to their respective sides of the aisle.
“So, Mr. President, I look forward to beginning the floor debate later today.”
Related Issues: Cryptocurrency
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