The GENIUS Act Passes the Senate: Lead Sen. Bill Hagerty Discusses The US Stablecoin Bill

Today, we discuss the recently passed Genius Bill with Senator Bill Hagerty, a key architect behind the legislation aimed at stabilizing the U.S. stablecoin market. Following a significant bipartisan Senate vote of 68-30, Sen. Hagerty shares insights on the evolving congressional perception of cryptocurrency, moving from skepticism to support. The bill seeks to foster a regulatory environment that encourages innovation while protecting users and maintaining America’s leadership in financial technology. The episode also highlights the potential economic benefits of a strong stablecoin framework and addresses concerns regarding Central Bank Digital Currencies (CBDCs). ------ 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium ------ BANKLESS SPONSOR TOOLS: 🪙FRAX | SELF SUFFICIENT DeFi https://bankless.cc/Frax 🦄UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain 🛞MANTLE | MODULAR LAYER 2 NETWORK https://bankless.cc/Mantle 🌐CELO | BUILD TOGETHER AND PROSPER https://bankless.cc/Celo 🟠 BINANCE | THE WORLDS #1 CRYPTO EXCHANGE https://bankless.cc/binance ------ TIMESTAMPS 0:00 Introduction to the Genius Bill 5:43 Welcoming Senator Bill Haggerty 8:55 Next Steps for the Bill 11:16 Why America Needs Stablecoin Law 14:07 Fostering a Domestic Stablecoin Economy 15:23 Addressing Detractors of the Bill 18:06 Understanding Stablecoins vs CBDCs 20:27 Who Can Issue Stablecoins? 21:01 Path for Offshore Issuers 23:54 Surveillance Concerns with Stablecoins 26:10 Addressing the Trump Loophole 27:34 The Bipartisan Nature of Crypto 28:52 Senator Haggerty's Evolution on Crypto 32:17 Establishing a Clear Regulatory Framework 34:51 Future Steps for the Crypto Industry ------ RESOURCES Sen. Bill Hagerty: https://x.com/SenatorHagerty The GENIUS Act: https://www.congress.gov/bill/119th-congress/senate-bill/394/text Sec. Bessent’s Tweet: https://x.com/SecScottBessent/status/1935027160374210573 ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠