Congressman Sam Liccardo Votes YES on GENIUS Act

WASHINGTON, D.C. – Yesterday, Congressman Sam Liccardo (CA-16) joined colleagues on both sides of the aisle to pass the GENIUS Act, which establishes regulations for stablecoins. Liccardo was an original sponsor on the bill’s House version, the STABLE Act, and introduced several amendments to improve the bill’s language supporting criminal penalties for violating the regulations and anti-money laundering requirements, several of which are reflected in the final bill. 

Rep. Sam Liccardo released the following statement:

"Today, I voted in favor of the GENIUS Act because, without clear rules of the road, bad actors will dominate the blockchain and put investors at risk.

“This final bill includes consumer protections and measures to prevent illicit finance, with criminal penalties for noncompliance. Most importantly, the bill requires offshore issuers to comply with our nation’s laws or foreign jurisdiction with the same level of protections. As a co-lead of the House’s STABLE Act, I believe GENIUS builds on that foundation with even stronger safeguards.”