The Milken Institute applauds the House’s historic, bipartisan passage of the GENIUS Act and the CLARITY Act. This final passage of the Senate’s GENIUS Act will provide long-sought regulatory clarity for stablecoins as they continue to become a critical component of global cross-border transactions, remittances, commercial payments, and instantaneous settlement.

“Stablecoin issuers have historically operated in an environment with patchwork regulations that produce stablecoins of varying quality. The absence of an overarching regulatory framework posed real risks to our banking system, retail investors, and innovators,” said Nicole Valentine, FinTech director, Milken Institute. “The passage of the GENIUS Act will enable a safer, more transparent, and more trustworthy cryptocurrency market by implementing explicit reserve requirements, regular reporting, and consumer protections.”

The Milken Institute’s FinTech program looks forward to continuing to work with the Senate as it considers the CLARITY Act and discusses the construction of a broader digital asset market structure that encourages innovation while fostering financial inclusion, access, and economic mobility.

“The Milken Institute is committed to supporting legislation that will build a workable regulatory framework to bring clarity and confidence to the digital assets market,” said Michael Piwowar, EVP of Finance, Milken Institute, in his recent testimony before the US House Committee on Agriculture. “The CLARITY Act crafts a framework that addresses market structure gaps, jurisdictional boundaries, and pathways for responsible innovation, thereby reinforcing the US financial system’s growth, competitiveness, and resilience.”