The GENIUS Act Passes the Senate: Lead Sen. Bill Hagerty Discusses The US Stablecoin Bill
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Welcome to Bankless, where we explore the frontier of stablecoins on today's episode. The genius bill just passed in the senate. David and I have senator Bill Hagerty. He's one of the coauthors of the bill. He's on the episode today. David, what'd you think? Yeah.
Bill is he's bullish. He he also shared with us a story of his first interaction with crypto and illicit payments, and that was his first impression about crypto, like, way back, I think it was in, like, 2018, 2019 when he told us
where sooner than yeah. Yeah. Sooner than that. Like, remember 2020 and treasury secretary Steve Mnuchin was very anti crypto, anti stable coins. I think he was part of that cohort too. Yeah.
So he gave us kind of a peek behind the scenes, it felt like, about a lot of congressman legislators' first impressions about crypto and how he changed his mind downstream of just learning more about the technology, which all culminates in the Genius Act, which, again, like you you said, Ryan, is his bill that he is pushing over the line. The senate just voted overwhelmingly in support, bipartisan support. It goes back to the house in order for the house to hopefully vote or amend, but hopefully vote on that bill, and then it will eventually land on Donald Trump's desk. Donald Trump has said t
your message to the house. That's mine as well. Okay. Let's get it done. And I think there's a fair chance of this with with kinda Trump and the executive branch kinda giving it a push. Secretary Bessent was very optimistic about the bill yesterday, talked about in the context of relieving kind of US debt, finding some market for the bonds, all the bonds that we have to sell. So there's a lot of, tailwinds, I think Mhmm. Going into this into this bill's progress. And I what you'll find in this episode with senator Hagerty's conversation is a complete one eighty with respect to US legislators o
good. Yeah.
He called this the the first of many. So I think, we'll probably have him and others like him on the podcast talking about positive pro crypto legislation that is now coming. This is the first large crypto bill that we've ever seen coming out of The US, and I think it's very, very bullish.
Yeah. Stablecoins feels like a solid early win to get a bill over the line. It's just bipartisan support. We have more ambitious bills that we're going to need to get over the line. The market structure bill is not going to be as easy. This feels like a free a single or a double, and it's just free. That market structure bill is gonna be something much more ambitious, and it's gonna be much more contentious. But I'm glad that our senators and legislators are practicing negotiating about crypto things, and then also they want to espouse their thoughts. And then they come on bank lists to do it.
Bankless nation, very excited to introduce you to senator Bill Hagerty. He's a senior Republican voice on the senate banking committee. He's also the lead author of the Genius Act, which is the senate stablecoin bill that yesterday just passed in the senate. I think the votes were 68 yeses, 30 nos. Senator Hagerty, welcome to Bankless.
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