WASHINGTON, D.C.— Amanda Fischer, Policy Director and Chief Operating Officer (COO) for Better Markets, issued the following statement on today’s Senate passage of the GENIUS Act (S.394):

“Today’s passage of the GENIUS Act in the Senate puts consumers, investors and the economy at risk. Stablecoins are not the ‘future of payments.’ They instead represent an unstable future with little regard for unsuspecting Main Street Americans and the economic guardrails they depend on.

“The GENIUS Act promotes the use of stablecoins, but it has failed to address the fundamental problems identified by Better Markets over the last few months, such as the susceptibility of stablecoin companies to runs, bankruptcies, and taxpayer-funded bailouts. The Act also encourages the use of stablecoins to buy goods and services, while applying none of the laws that provide consumer protections in payments. Under the proposed law, Big Tech and non-financial companies will likely issue their own currencies, raising concerns with fair competition, data privacy and surveillance. The GENIUS Act and its supporters have also failed to address the myriad national security risks unique to crypto while also providing loopholes to opaque foreign stablecoins like Tether. The House should reject this legislation.”

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Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies—including many in finance—to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.org.