WASHINGTON, D.C. – Stand With Crypto, America’s leading crypto advocacy organization,  today applauded the Senate for voting to advance the bipartisan Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. This bill would create a regulatory framework for stablecoins – protecting consumers, supporting greater crypto innovation, and enabling broader participation in the blockchain economy.

Following the Senate vote, Mason Lynaugh, Stand with Crypto community director, released the below statement:

“Stand With Crypto applauds the Senate’s vote to advance the GENIUS Act. Stablecoins play a critical role in America’s digital economy, bridging crypto and fiat currencies. We need legislation that ensures they are safe, fully backed, and transparent while fostering competition and innovation in the marketplace. This bill moves us closer to this reality, and we urge congressional leaders to continue prioritizing legislation that will normalize stablecoins – and crypto – for more Americans.” 

Crypto developers, users, and advocates need “clear rules of the road” that provide regulatory clarity and further innovation. The current lack of a regulatory framework is already limiting innovation and hindering the U.S. crypto industry’s potential: The U.S. share of global blockchain developers has decreased by approximately 14% since 2018, dropping to 26% in 2023. Legislation like the GENIUS Act will help solidify America’s leadership in blockchain technology and the global digital economy. 

Stand With Crypto continues to harness its vast network of millions of grassroots advocates to urge lawmakers to support the legislation. Ahead of Senate cloture and final votes on the GENIUS Act, Stand With Crypto announced it would score both votes and incorporate results into its politician scorecards to make clear where elected officials stand on crypto policy priorities.

Over the past two years, Stand With Crypto has built a grassroots movement to mobilize and harness the voice of America’s 52 million crypto owners into a powerful and unified voting bloc, championing clear, common-sense regulations for the crypto industry and unlocking crypto’s innovation potential while fostering greater economic opportunity and freedom.