John Thune

Mr. THUNE

Mr. THUNE. Madam President, I move to proceed to legislative session.

Mr. THUNE

Mr. THUNE. Mr. President, I ask unanimous consent that the motion to reconsider be considered made and laid upon the table and the President be immediately notified of the Senate's action on the Crowley nomination.

Mr. THUNE

Mr. THUNE. Mr. President, I ask unanimous consent that the Senate resume legislative session following the cloture vote on the Rubinstein nomination.

Mr. THUNE

Mr. THUNE. Mr. President, if there is no further business to come before the Senate, I ask that it stand adjourned under the previous order, following the cloture vote on the Rubinstein nomination and the Senate resuming legislative session.

Mr. THUNE

Mr. THUNE. Mr. President, I ask unanimous consent that when the Senate completes its business today, it stand adjourned until 10 a.m. on Tuesday, May 13; that following the prayer and pledge, the morning hour be deemed expired, the Journal of proceedings be approved to date, the time for the two leaders be reserved for their use later in the day, morning business be closed, and the Senate proceed to executive session and resume consideration of Calendar No. 69, Reed Rubinstein, postcloture, if cloture is invoked; further, notwithstanding rule XXII, at 11:30 a.m., the Senate vote on confirmation of the Rubinstein nomination, and if cloture is then invoked on Calendar No. 71, Troy Meink, the Senate recess until 2:15 p.m. to allow for the weekly conference meetings; that at 2:15 p.m., the Senate vote on confirmation of the Meink nomination, followed by the motion to invoke cloture on Calendar No. 83, James Danly; finally, if any nominations are confirmed during Tuesday's session, the motions to reconsider be considered made and laid upon the table and the President be immediately notified of the Senate's action.

Mr. THUNE

Mr. THUNE. Mr. President, I ask unanimous consent that the order for the quorum call be rescinded.

Mr. THUNE

Mr. THUNE. Mr. President, I understand there is a bill from Senator Merkley at the desk that is due for a second reading.

Mr. THUNE. Mr. President, in order to place the bill on the calendar under the provisions of rule XIV, I would object to further proceeding.

Mr. THUNE

Mr. THUNE. Mr. President, it has been well over a decade since the term ``cryptocurrency'' entered our lexicon. Like many innovations, cryptocurrencies were at first seen as a novelty--something used by few and understood by even fewer. But that changed quickly. More people began using and purchasing digital assets, innovation took place, and crypto demonstrated its staying power. Stablecoins are an important part of the crypto ecosystem. Many digital asset advocates believe in holding Bitcoin, given its price fluctuations and growth in value over the last several years. Stablecoins, however, have a value that is pegged to an asset, usually the U.S. dollar. They offer the speed and security of the blockchain with the stability and usability of a dollar bill, and they are a business and consumer friendly way of making payments. Hundreds of billions of dollars of stablecoins are in circulation today. The vast majority are dollar denominated. But in the United States, stablecoins have operated in a legal gray zone. Stablecoin issuers trying to follow the rules can't be sure what rules to follow. The Biden administration chose to regulate crypto companies by arbitrary enforcement measures. Regulators filed numerous lawsuits against crypto firms. These hostile actions led a number of U.S.-based companies to consider moving out of the United States altogether. I think we all agree the United States should be the world's leader in financial innovation. Stablecoins should be ``Made in the U.S.A.'' But we can't lead in innovation if there is no clarity for the innovators. The GENIUS Act provides that clarity. It is the first step in bringing digital assets into our financial system by setting a clear framework for stablecoins. To be clear, Americans are already using stablecoins and will continue to use them with or without this legislation. What this bill does is establish a framework that protects consumers and safeguards national security while promoting that innovation right here in the United States. The GENIUS Act would implement light-touch and tailored standards for stablecoin issuers so consumers can trust whom they are doing business with. Reserve requirements would give consumers confidence in the value of the stablecoins that they hold, and the bill's enforcement provisions would provide companies with clarity on what the rules are and ensure accountability for any violations. The GENIUS Act would also protect against national security threats and money laundering. Stablecoin issuers would be held to the same standards as other financial institutions subject to the Bank Secrecy Act. They would need to monitor and report suspicious activity. They would have to comply with U.S. sanctions, and they would have to block transactions that violate State and Federal laws. Stablecoins are operating today without any of these requirements, and not passing this bill means allowing the status quo to continue--no consumer protections, no national security safeguards, and the risk of arbitrary enforcement actions from financial regulators. Passing this bill is also about American strength. It would create demand for the U.S. dollar and for Treasurys. That is a good thing both for our national security and for our fiscal house. This bill is the product of bipartisan consensus building. I am proud of the process that this has gone through, and I am grateful to Senators Lummis, Hagerty, Gillibrand, and Alsobrooks for their leadership on this issue and their work on the bill. Chairman Tim Scott has also been a critical member of the team. The Banking Committee held a 3-hour markup during which the committee considered 40 amendments to the bill. That bill was reported out by a vote of 18 to 6, with 5 Democrats supporting it. But the work didn't end there. Bill sponsors have been meeting for weeks--including nights and weekends--since the markup to address changes that made this bill better. Today, we are voting on the sixth--sixth--version of the GENIUS Act, drafted with input from both Republicans and Democrats. And if Senators would like the opportunity to make further modifications to the bill, I encourage them to vote for cloture. Once we are on the bill, we can discuss changes here on the floor. We have had an open process on this bill so far. So why stop now? The GENIUS Act is by no means the last word on digital assets. I expect the Senate will continue to work in this space, including work toward market structure legislation to address features of the crypto market that are not captured solely by stablecoins. But the GENIUS Act is a first step toward bringing digital assets into our financial system and promoting American leadership and financial innovation. We have the opportunity to move the ball forward today. I encourage my colleagues to take it. I yield the floor. I suggest the absence of a quorum.

Mr. THUNE

Mr. THUNE. Mr. President, I move to proceed to executive session to consider Calendar No. 76.

Mr. THUNE

Mr. THUNE. Mr. President, I send a cloture motion to the desk.

Mr. THUNE

Mr. THUNE. Mr. President, I move to proceed to legislative session.

Mr. THUNE

Mr. THUNE. Mr. President, I move to proceed to executive session to consider Calendar No. 69.

Mr. THUNE

Mr. THUNE. Mr. President, I send a cloture motion to the desk.

Mr. THUNE

Mr. THUNE. Mr. President, I move to proceed to legislative session.

Mr. THUNE

Mr. THUNE. Mr. President, I move to proceed to executive session to consider Calendar No. 71.

Mr. THUNE

Mr. THUNE. Mr. President, I send a cloture motion to the desk.

Mr. THUNE

Mr. THUNE. Mr. President, I ask unanimous consent that the mandatory quorum call with respect to Calendar No. 66, S. 1582, be waived.

Mr. THUNE. Mr. President, I change my vote to no.

Mr. THUNE. Mr. President, I enter a motion to reconsider the vote.

Mr. THUNE

Mr. THUNE. Mr. President, I move to proceed to legislative session.

Mr. THUNE

Mr. THUNE. Mr. President, let me just say that the Democrats have just used the filibuster for the fourth time this year. Why? Well, in this case, no one really knows. This is a bipartisan issue. It is a bipartisan bill, and it had a bipartisan process from the very beginning. And if Democrats were interested in further changes, as they claim, they would have had the chance to make those changes on the floor. All they had to do was vote for cloture. Not every bill that comes to the floor is a final bill. Now, that may be how it worked when they were in control, but Republicans are doing it differently. We are determined to restore the Senate to what it was meant to be. The floor is where every Senator gets a chance to give his or her input on legislation. That is what would have happened today if cloture had been invoked, the motion the Democrats just voted against. It would have meant open debate, further deliberations, further modifications. But the Democrats refused to even begin that debate. I don't know what Democrats would change about the process this bill has gone through. It had a 3-hour markup in the Banking Committee that considered 40 amendments. That is what we used to call regular order around here. It was reported out of the Banking Committee by a vote of 18 to 6, with 5 Democrats supporting the bill. And since the markup, Senators have been meeting nonstop to modify the bill on both sides of the aisle, Democrats and Republicans--countless meetings. In fact, there have been fully six versions of this bill and numerous modifications made, many of them to satisfy the Democrats' demands--six versions of this bill based on feedback and input from Members on both sides and, in many cases, modifications made that were done in response to demands made by Democrats in the bill--six versions. I don't know how you can have any more process than that. Democrats have been accommodated every step of the way, up to and including long sessions yesterday and late into the night last night. Mr. President, I just have to say, frankly, I just don't get it. I don't know what more they want. I don't know why you vote against proceeding to a bill on the floor after you voted to refer that same bill to the floor, as a number of Democrats, as I just said, did coming out of the Banking Committee, which, of course, makes you wonder if this is about the bill at all or if it is simply Democrats obstructing because they want to deny Republicans or President Trump a bipartisan win. Given the fact that the Democrats keep moving the goalposts, it is hard not to suspect that is the case, and I have to say that is deeply disappointing. I strongly support this bill, but I have now changed my vote to no today so that we can bring this legislation up again if and when Democrats are ready to get serious. Clearly, today, they are not.

Mr. THUNE

Mr. THUNE. Mr. President, I ask unanimous consent that the Senate be in a period of morning business, with Senators permitted to speak therein for up to 10 minutes each.

Mr. THUNE

Mr. THUNE. Mr. President, I move to proceed to legislative session.

Mr. THUNE

Mr. THUNE. Mr. President, I send a cloture motion to the desk.