U.S. Senators Bill Hagerty (R-TN) and Kirsten Gillibrand (D-NY) released statements on May 16 in Nashville expressing renewed support for the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, a bipartisan bill that seeks to create a federal regulatory framework for payment stablecoins. Their comments come shortly after the legislation failed to move forward in the Senate, securing only 48 of the 60 votes needed in a May 8 cloture vote.

Hagerty reinforced his commitment to the bill in a post on social media platform X Friday, stating:

Next week, the Senate will make history when we pass the GENIUS Act that establishes the first ever pro-growth regulatory framework for payment stablecoins.

“This bill will cement U.S. dollar dominance, protect customers, increase demand for U.S. treasuries, and ensure that innovation in the digital asset space is in the hands of the United States of America, not our adversaries,” the senator added. Despite the recent failure to advance, Hagerty signaled determination to continue pushing the legislation forward.

Gillibrand also emphasized the growing relevance of stablecoins in global finance and the need for thoughtful oversight. “Stablecoins are already playing an important role in the global economy, and it is essential that the U.S. enact legislation that protects consumers, while also enabling responsible innovations,” she stated. Gillibrand described the process as a genuine bipartisan collaboration and expressed optimism that the act could still gather sufficient support. She outlined the bill’s priorities:

The bipartisan GENIUS Act will provide regulatory clarity to this important industry, keep innovation on shore, add robust consumer protection, and reaffirm the dominance of the U.S. dollar.

Though the GENIUS Act encountered a roadblock in its latest Senate attempt, supporters maintain it is a crucial step toward securing the future of the U.S. dollar in digital markets. Critics warn of potential overregulation, while advocates argue that establishing clear rules will strengthen innovation and investor confidence.

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