Blumenthal Statement on Senate Passage of the Genius Act

[WASHINGTON, DC] – U.S. Senator Richard Blumenthal (D-CT) today issued the below statement following the Senate passage of the GENIUS Act:

“The GENIUS Act emboldens Trump crypto corruption and industry self-enrichment without protecting consumers. Our amendments seeking to bar presidential schemes and criminal money laundering were blocked. New laws are needed to establish crypto guardrails and safeguards, but this one is ineffectual or worse.”

Senate Republican Leadership blocked a bipartisan amendment offered by Blumenthal that would have fixed glaring consumer protection risks in the legislation that allow Big Tech and other companies to issue their own stablecoins.

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