Van Hollen Statement on GENIUS Act

Today, U.S. Senator Chris Van Hollen (D-Md.) released the following statement regarding his vote against the GENIUS Act, stablecoin legislation that was considered by the Senate Committee on Banking, Housing, and Urban Affairs:

“As more and more Americans use digital currencies, it’s critical that the Congress take action to ensure proper oversight and consumer protections. That’s why I support working with my colleagues to address these issues, and I appreciate that the Committee took action today to adopt a number of amendments to improve the original bill. I remain concerned, however, with several issues surrounding this bill – including the need for additional measures to ensure that stablecoins don’t become a currency of choice for illicit actors. The Republican majority rejected a number of common-sense amendments that would have accomplished that goal. What’s more, I’m shocked that Republicans on the Committee voted against my amendment to require that Members of Congress disclose their holdings and financial interests in digital assets under the STOCK Act. This was a simple measure to ensure transparency and accountability and protect against conflicts of interest. It’s for these reasons that I voted against the GENIUS Act, but I will continue working to support effective measures to regulate stablecoins and other digital currency.”