Sen. Mark Warner (D-Va.) backed legislation Monday establishing a regulatory framework for payment stablecoins, as Senate leadership prepares to bring the bill to the floor once again.
Warner represents a key Democratic voice of support for the GENIUS Act ahead of a procedural vote to move forward with consideration of the bill, which is expected to take place Monday evening.
“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,” Warner said in a statement.
“The GENIUS Act is a meaningful step forward,” he continued. “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.”
Warner initially voted to advance the bill out of the Senate Banking Committee in March. However, he and eight other crypto-friendly Democrats pulled their support earlier this month, accusing Republicans of cutting negotiations short amid a push to get the bill to the floor.
The two sides returned to the negotiating table for several days, but we’re unable to reach a deal ahead of a floor vote, and Democrats ultimately blocked the GENIUS Act from moving forward.
Negotiations continued last week. By the latter half of the week, crypto-friendly Democrats were circulating a memo highlighting “major victories” from negotiations, including stronger provisions on anti-money laundering, national security and consumer protection, as well as new restrictions on Big Tech’s ability to launch stablecoins.
Sen. Cynthia Lummis (R-Wyo.), chair of the Senate Banking subcommittee on digital assets, told The Hill Thursday that she believed the two sides had agreed on “final language” and expected votes to begin Monday.
Shortly after, Senate Majority Leader John Thune (R-S.D.) teed up another procedural vote.
However, some Democrats are not entirely sold on the new bill text. Senate Banking Democratic staff circulated a separate memo voicing concerns that the new Big Tech restrictions do not go far enough and that the bill “paves the way for more Trump crypto corruption.”
The top Democrat on the Senate Banking Committee, Sen. Elizabeth Warren (D-Mass.), is longtime critic of the crypto industry.
Warner acknowledged his colleagues’ concerns Monday, noting that he is similarly worried about President Trump and his family’s crypto dealings.
“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,” he said.
“But we cannot allow that corruption to blind us to the broader reality: blockchain technology is here to stay,” he added. “If American lawmakers don’t shape it, others will – and not in ways that serve our interests or democratic values.”
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