Washington DC – Ahead of an important vote in the US Senate, various stakeholders are showing support for a bill aimed at creating a regulatory framework for payment stability. The Guidelines and Establishment of US National Innovation Stablecoins (Genius) Act, led by Senator Bill Hagerty (R-Tenn.) and backed by Chairman Tim Scott (R-S.C.) and Digital Asset Chair Cynthia Ramis (R-WYO.), has benefited from input from industry experts, academics, and government insiders.
Here’s a snapshot of the sentiment:
“As the CEOs of three major digital asset trade groups, we’re urging senators to bring the Genius Act to the floor for discussion this week. A solid regulatory framework will foster greater adoption and stability in digital finance. We’re asking senators to move forward and consider the Genius Act, which is a significant step towards a bipartisan approach.” said Kristin Smith (Blockchain Association), Cody Carbone (Digital Chamber), and Ji Kim (Crypto Council for Innovation).
“We commend the Senate for advancing this essential framework for US crypto regulations. Other leading economies have established clearer rules for stablecoins and financial intermediaries. It’s crucial for US lawmakers to unite over the coming months to finalize the structure for stablecoin transactions.” noted Jonathan Jachym from Kraken.
“The Genius Act opens doors for banks and non-bank entities competing in payment markets. The rise of stablecoins linked to the US dollar is not just revolutionary for crypto but also for global banking. Stablecoins could be key to maintaining US leadership in the digital currency arena.” said Dante Epert, Chief Strategy Officer at Circle.
“Stripe supports a clear regulatory framework for stablecoin and appreciates the bipartisan interest in this matter. The Senate Banking Committee’s leadership is commendable, and we hope for continued efforts that protect innovation while bolstering the financial services sector.” Stripe stated.
“It’s crucial to pass bipartisanship stability legislation. The Genius Act safeguards consumers and enhances transparency, which is a significant upgrade from the current state. Laws that protect blockchain’s core advantages while ensuring progress must be prioritized. Prompt action on this bill will provide clarity for consumers and industries, keeping the US at the forefront of blockchain technology.” remarked Chris Dixon from A16Z Crypto.
“The Genius Act aligns with national security and economic interests for all Americans. It paves the way for improved payment infrastructure and better collateral management. Our thanks go to Chairman Scott and Senators Hagerty, Ramis, and Gillibrand for spearheading this initiative.” said Kyle Samani from Multicoin Capital.
“This act fosters innovation and broadens payment options, promoting a safe and competitive payment ecosystem. It lays out the regulatory framework necessary for stable payment development while making advanced payment methods accessible to small businesses, including local franchises.” commented Matt Haller, President of the International Franchise Association.
“The US payment system is in dire need of innovation, and establishing a reliable regulatory framework for stablecoins is crucial to achieving this.” Chris Jones from the Merchant Point Coalition added, “Dominant players in the payment industry have often stifled innovation, and the Genius Act is a positive step towards change.”
“In today’s competitive global landscape, the US must harness digital networks and financial innovations to maintain an edge. A well-regulated stablecoin ecosystem offers a unique chance to enhance US financial architecture and expand the dollar’s global influence.” said Matthew Pines from the Bitcoin Policy Institute.
“The Genius Act represents a significant opportunity for payment innovation.” He added, “While efficient payment methods exist today, Main Street needs assurance that stablecoins are backed by responsible regulations and a competitive market. It’s vital to push for the Genius Act and further reforms to benefit the American economy.”
“The Senate is encouraged to sincerely address notable differences and advance bipartisan Genius legislation. US leadership in the digital economy depends on establishing a transparent regulatory framework for stability that spurs innovation, empowers entrepreneurs, and builds the future of financial technology globally.” stated Bobby Franklin from the National Venture Capital Association.
“The Club for Growth appreciates Congress’s ongoing efforts to create a light regulatory framework for stablecoins. We commend Senate leaders for supporting innovation while avoiding excessive regulation of decentralized blockchain technology.” said David McIntosh from the Growth Club.
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