Washington, DC – Senator Lisa Blunt Rochester (D-Del.) released the following statement following her vote opposing the procedural motion to advance the GENIUS Act, legislation that would create a framework for stablecoins within the US financial regulatory system:
“I support the goal of establishing a lasting, bipartisan, and durable regulatory framework for digital assets. Currently, the stablecoin market is an unknown landscape, with no structure or protections. Stablecoins will likely be a part of the financial landscape of the 21st century, so it is crucial that Congress enact legislation to regulate this growing industry, promote innovation, and protect consumers. However, without being given proper time to review the latest legislative language and ensure the necessary consumer protections are in place, I voted no on cloture.
“I have spent a considerable amount of time and effort working to improve the bill since its passage out of the Banking Committee earlier this year. Any legislation that does not include meaningful changes to safeguard consumers, rein in foreign governments and bad actors from using stablecoins to launder money and strengthen the stability of the financial system misses the mark. I also remain concerned about the ongoing self-dealing and financial conflicts of interest being carried out by the Trump family. I will continue to conduct and advocate for Congressional oversight from my position on the Senate Banking Committee and remain committed to negotiating this bill to improve it.”
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Senator Lisa Blunt Rochester represents Delaware in the United States Senate where she serves on the Committees on Banking, Housing, and Urban Affairs; Commerce, Science, and Transportation; Environment and Public Works; and Health, Education, Labor, and Pensions.