Cory A. Booker

06/17/2025 | Press release | Distributed by Public on 06/17/2025 21:18

Booker Statement on Passage of GENIUS Act

WASHINGTON, D.C. - Today, U.S. Senator Cory Booker (D-NJ) issued the following statement following the passage of the bipartisan GENIUS Act:

"As new technologies and payment systems emerge, it is essential that Congress moves quickly to establish regulatory frameworks that protect consumers from predatory practices, keep our markets safe, and prevent bad actors from exploiting regulatory gaps. Stablecoins, which millions of consumers already use to facilitate digital asset trading, are undeniably a part of the future of the global financial system, but are largely operating outside of the regulatory system or relying on a patchwork of inconsistent state regulations, posing serious risks to businesses and consumers alike. The U.S. should be a leader in setting standards for consumer protection and responsible innovation in the space.

"This bill is the result of months of bipartisan negotiations and offers robust guardrails for consumers in the U.S. It offers an important starting point for protecting financial security and our broader economy, closing loopholes on foreign-issued stablecoins that pose risks to national security, strengthening federal oversight over stablecoin issuers, and expanding consumer protections in the event of a stablecoin collapse. The bill also expands ethics requirements on government employees, ensuring special government employees like Elon Musk cannot enrich themselves while serving in government.

"This bill is the beginning. There is still a significant amount of work to do to ensure that digital assets are operating in a way that protects and benefits consumers and holds industry accountable. I am also deeply concerned by the ongoing corruption by the Trump administration, as President Trump, his family, and other administration officials seek to exploit their roles in order to cut big real estate deals and enrich themselves on memecoin schemes. I urge my colleagues to continue to work in a bipartisan manner to craft legislation that evolves alongside our changing financial system, and to hold the Trump family accountable."

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