Western South Dakota News

U.S. Senate Majority Leader John Thune addressed the Senate floor today, urging Democrats to move forward with the GENIUS Act, a bipartisan stablecoin regulation bill. Thune expressed hope that this second attempt to consider the legislation would succeed after an initial blockage by Democrats 11 days ago.

"Stablecoin regulation is a bipartisan issue," Thune stated, emphasizing the collaborative process behind the bill. He noted that in March, the Banking Committee reviewed 40 amendments and passed the bill with support from both parties, including five Democrats.

Thune questioned why Democrats had previously obstructed progress on the bill, suggesting it might have been an attempt to deny Republicans and President Trump a legislative victory. However, he acknowledged that both parties now appear ready to proceed with debate.

Highlighting the importance of stablecoins in the cryptocurrency ecosystem, Thune argued for clear regulatory guidelines to prevent U.S.-based crypto companies from relocating overseas due to legal uncertainties and lawsuits under the Biden administration. The GENIUS Act aims to establish such a framework while promoting national security and financial innovation.

Thune thanked Senators Hagerty, Lummis, Tim Scott, Gillibrand, and Alsobrooks for their efforts in advancing the bill. "I look forward to beginning the floor debate later today," he concluded.