US Senator Bill Hagerty (R-TN), a figure on the Senate Appropriations, Banking, and Foreign Relations Committees who has championed cryptocurrencies for the country’s economic growth, recently appeared on BloombergTV’s “Balance of Power” to address the budget reconciliation package and the GENIUS Act.
GENIUS Act Gains Bipartisan Support
The GENIUS Act, despite facing some Democratic opposition—largely due to President Donald Trump’s involvement in cryptocurrency ventures—managed to secure support from 16 Democratic senators, including Cory Booker (D-N.J.) and Adam Schiff (D-Calif.).
The bill specifically targets stablecoins, digital currencies that are pegged to the value of traditional assets like the US dollar, aiming to create a framework that could enhance consumer protection and set industry standards for these cryptocurrencies.
Proponents of the GENIUS Act argue that it could pave the way for stablecoins to become widely adopted as tools for digital payments and financial transactions.
However, critics have raised concerns that the legislation does not adequately address potential conflicts of interest related to Trump and might inadvertently expose consumers and the economy to risks due to insufficient regulatory measures.
During the interview, Senator Hagerty emphasized the importance of the GENIUS Act, stating, “We have broad agreement, with respect to the content of this stablecoin legislation. This is going to take us into the 21st century, in terms of upgrading our payment systems.”
He highlighted that the bill aims to maintain innovation within the US while implementing consumer protections, ensuring that every stablecoin will be backed dollar-for-dollar by US Treasuries.
Hagerty Aims For Swift Senate Vote
During his interview with Bloomberg, Senator Bill Hagerty also discussed the urgency surrounding the passage of the GENIUS Act for stablecoins, noting, “The timeline is the key issue right now.”
With the Senate needing to shift its focus to the reconciliation bill, he stressed the importance of getting the GENIUS Act onto the floor for a vote as soon as possible. “I’d like to start it today, tomorrow,” he stated, indicating a desire to expedite the legislative process.
Looking ahead, Hagerty mentioned ongoing efforts to develop future market structure legislation in the Senate, which he believes will naturally evolve from discussions surrounding the stablecoin framework.
The Senator reiterated his commitment to President Trump to complete this legislation swiftly, aiming for it to be on the President’s desk in a timely manner and advance his promises of turning the US into the crypto capital of the world.
Featured image from DALL-E, chart from TradingView.com
