Democrats Unite in Vote to Deny Advancement of GENIUS Act
WASHINGTON, D.C. — Today, all Senate Democrats and three Republican senators united to block the advancement of the GENIUS Act, a stablecoin bill that many critics — including Public Citizen — say falls far short of what is needed to regulate the cryptocurrency industry, root out corruption, and protect consumers.
Public Citizen financial advocate Bartlett Naylor issued the following statement in response:
“There finally is a real use case for crypto: Trump’s historic grift helped remind Democrats that the integrity of the presidency outweighs an expedient vote.
“Massive political spending by the crypto industry in the 2024 election ended the terms of responsible lawmakers and frightened many others into pro-crypto positions. While most Americans don’t trust crypto, few vote based on a candidate’s crypto policy. Trump now demonstrates to voters sitting around their kitchen tables that crypto holds no more value than a bankrupt casino, useless Trump University degree, or a moldy Trump steak. Public Citizen commends those senators who honored integrity.
“Senate Democrats should hold firm in opposition to the GENIUS Act, which is fundamentally ill-conceived and dangerous, and instead rally around bills like Senator Murphy’s Meme Act or Senator Merkley’s End Crypto Corruption Act, which could actually make a positive difference.”