Washington, D.C. — Today, U.S. Senator Adam Schiff (D-Calif.) released the following statement ahead of a Senate vote on the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act of 2025:
“As a leader in innovation, California has been at the forefront of new developments in technology ranging from artificial intelligence to cryptocurrency to blockchain technology. For innovation to thrive, we need clear rules of the road and a fair playing field.
Businesses and the fintech industry need regulatory clarity. Californians need strong consumer protections. Regulators and law enforcement need tools and guardrails to crack down on bad actors and illicit financing. And we must ensure that these companies — and the jobs they create — stay and grow here at home, particularly in California.
For the past few weeks, I’ve worked with both Democrats and Republicans to improve the GENIUS Act which represents a major step towards establishing a comprehensive regulatory framework for stablecoins, something that has been needed for far too long. I want to particularly thank Senators Warner, Gallego, Gillibrand and Alsobrooks for their leadership. While the final version of this bill is not perfect, I will be voting in favor of this bill because I believe it lays out important groundwork to define the rules governing this industry. And I believe we can’t wait any longer to establish a regulatory structure to protect consumers.
But let me be clear: the work to improve the rules governing this industry must continue. I remain deeply disappointed that Republicans would not allow necessary reforms to govern how politicians can use these and other digital assets for their own personal profit. To that end, there is much work to do to enact strong rules to resolve ethics and conflicts of interests so President Donald Trump and other government officials can’t use loopholes for their own personal financial enrichment.
I will remain committed to continue working with my colleagues to strengthen these rules, improve consumer protection, and ensure these jobs stay in our country.”
###