FOR IMMEDIATE RELEASE: May 8, 2025

CONTACT: Jarice Thompson, jarice@ourfinancialsecurity.org 

Senate Rejects Fast Tracking of Stablecoin Legislation

Washington, DC – Statement of Mark Hays, Associate Director of Cryptocurrency and Financial Technology:

The Senate thankfully blocked plans to fast-track legislation that would have emboldened the crypto conflicts of interest crisis that are emanating from the White House. 

This toothless legislation posed real risks for consumers and the financial system, but a vote to advance this legislation would have rewarded the President for enriching himself and his family through a crypto business empire. That said, there are many concerns that this bill fails to address financial stability and soundness, protect consumers, and keep Big Tech firms from encroaching on financial services and surveilling customers.

The most glaring flaw in the GENIUS Act advocates and lawmakers identified is its failure to have any guarantees to prevent elected officials and holders of high office from profiteering on these crypto ventures. This gap is of supreme importance given the unabashed crypto corruption being advanced by President Trump and his family. 

The Senate should be commended for blocking this legislation that would further facilitate the crypto culture of corruption. We hope Senators continue to maintain this principled stand as the Senate deliberates on this bill and crypto legislation like the market structure bill, and to continue to refuse to accept empty half-measures that fail to address these profound concerns.

###