Sen. Mark Warner Argues “GENIUS Act” on Stablecoins Is “not perfect, but it’s far better than the status quo”

See below for a statement from Sen. Mark Warner on his support for the “GENIUS [Guiding and Establishing National Innovation for U.S. Stablecoins]  Act,” which Sen. Warner argues is “not perfect, but it’s far better than the status quo.” For a contrary view, see Indivisible, which argues that the “GENIUS Act” would:

“…enable illicit uses of crypto currency, open the door to blatant frauds, and imperil financial stability. Oh, and Trump and his family are currently using their own crypto currency to corruptly funnel money to themselves, and this bill would do nothing to stop that. “

Also, check out Paul Krugman’s May 9 post (“Crypto Is Still for Criming”), which argued:

“Crypto isn’t a legitimate industry. Any vote that further empowers that industry is a vote for more and bigger corruption, even if you personally aren’t corrupt. Just say no to the scam.”

So…yes, Sen. Warner’s right that “blockchain technology is here to stay,” that “innovation in this space is happening, with or without us” and that “we have a responsibility to ensure it happens safely, transparently, and in a way that advances U.S. economic and national security interests.” The question is whether the “GENIUS Act” does that, or whether – as Indivisible and Paul Krugman argue – it just makes matters worse. Your thoughts?

STATEMENT OF U.S. SENS. MARK R. WARNER

~ On the GENIUS Act ~  

WASHINGTON – U.S. Sen. Mark R. Warner (D-VA) released the following statement ahead of a Senate procedural vote on a revised version of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act: 

“The stablecoin market has reached nearly $250 billion and the U.S. can’t afford to keep standing on the sidelines. We need clear rules of the road to protect consumers, defend national security, and support responsible innovation. The GENIUS Act is a meaningful step forward. It sets high standards for issuers, limits big tech overreach, and creates a safer, more transparent framework for digital assets. It’s not perfect, but it’s far better than the status quo. 

“Many senators, myself included, have very real concerns about the Trump family’s use of crypto technologies to evade oversight, hide shady financial dealings, and personally profit at the expense of everyday Americans. We have a duty to shine a light on these abuses and stop Donald Trump from exploiting emerging technologies to enrich himself, dodge accountability, and weaken the safeguards that protect American consumers and the rule of law.

“But we cannot allow that corruption to blind us to the broader reality: blockchain technology is here to stay. If American lawmakers we don’t shape it, others will – and not in ways that serve our interests or democratic values. Innovation in this space is happening, with or without us. We have a responsibility to ensure it happens safely, transparently, and in a way that advances U.S. economic and national security interests. The GENIUS Act will help get us started.”