Key Vote Alert – Senate & House – “YES” on GENIUS Act

The Club for Growth urges all Senators and Representatives to vote YES on the S. 1582 – GENIUS Act. The results of this vote will be included in the Club for Growth Foundation’s 2025 congressional scorecard.

Cryptocurrency is the latest example of the free market opening new doors and improving lives for Americans of all incomes and backgrounds. Powered by blockchain technology, which eliminates the need for financial intermediaries, cryptocurrencies are driving economic growth and innovation by streamlining financial transactions, offering a reliable store of value and expanding access to banking services that spur entrepreneurship. Unfortunately, regulatory uncertainty is holding back adoption of the technology, putting the U.S. at risk of losing job-creating investment to foreign competitors.

The U.S. Senate can take the first step towards rectifying this by passing the GENIUS Act, which provides much needed regulatory clarity and legitimacy for stablecoins. A stablecoin is a form of cryptocurrency intended to maintain a stable value, typically by being pegged to the U.S. dollar or other assets such as U.S. Treasury securities. Stablecoins have the potential to foster innovation and contribute to a more robust and accessible economic future for all Americans. They will enable faster and lower-cost payments domestically and internationally, expand access to banking services, streamline financial services through smart contracts, promote job creation and strengthen demand for the dollar.

Even though the bill creates a new regulatory structure for stable coins, this legislation creates more freedom and innovation in financial transactions. Stables coins are a financial vehicle that provides consumers and businesses more choices outside of traditional, legacy financial institutions.

The bill includes important language to ensure stablecoins can compete on a level playing field, including:

• Stronger protections for self-custody through an improved rule of construction exempting certain transactions from the regulation over issuance and regulatory treatment of stablecoins
• Clear and concrete exemptions for decentralized protocols and activities from AML/BSA regulations
• Properly tailored custody requirements

Club for Growth urges the Senate and House to pass this commonsense legislation and ensure that the U.S. remains the digital asset capital of the world.

Club for Growth Foundation’s Congressional Scorecard for the 119th Congress provides a comprehensive rating of how well or how poorly each member of Congress supports pro-growth, free-market policies and will be distributed to the public.