Floor Statements

Mr. President, this evening we are going to once again vote to begin consideration of the GENIUS Act, and I am hoping that the second time will be the charm. We were here, 11 days ago, in the same place, when Democrats inexplicably chose to block this legislation.

The question is, Why? Well, that is a good question. Stablecoin regulation is a bipartisan issue. This bill reflects the bipartisan consensus on this issue, and it has had an open and bipartisan process since the very beginning--what we used, around here, to call regular order.

In March, the Banking Committee marked up the bill text, considering 40 amendments, and the bill ultimately passed out of the committee by a vote of 18 to 6, with support from 5 Democrats. And since then, both Republican and Democrat Members have worked to advance this legislation; that is, until a week and a half ago, when Democrats suddenly decided to block it, just as we were getting ready to have a debate on the floor.

The bill brought up a week and a half ago is the exact same bill the Democrats, apparently, now, are willing to move forward on. And then, as now, Republicans were committed to a full debate on the floor, with the chance for further bipartisan amendments to the already bipartisan piece of legislation.

So it is really hard to understand why we needed to wait an additional 11

days for Democrats to finally agree to move. I am not sure if Democrats wanted to deny Republicans and President Trump a bipartisan legislative victory and then perhaps thought better of their obstruction--or what? But, at least, we finally seem to be here, ready to take up this bill because this is important legislation.

The use of cryptocurrency has exploded from the margins to the mainstream, and stablecoins have emerged as a key part of the crypto ecosystem. They offer the speed and security of the blockchain with the stability and usability of the dollar bill. And they provide a business and consumer friendly way to make payments.

But stablecoin issuers and users face challenges. In the United States, stablecoins have operated in a legal gray zone. There are no clear rules of the road to follow. And between that and the Biden administration's targeting crypto companies with numerous lawsuits, many U.S.-based crypto companies have contemplated moving overseas, not something we want to see if we want the United States to remain at the forefront of financial innovation.

Fortunately, the GENIUS Act addresses these problems by providing a clear regulatory framework for stablecoins, a framework that will protect consumers and our national security, while helping to keep the United States at the forefront of financial innovation.

The bill will also create demand for the U.S. dollar and U.S. Treasurys, a good thing for both our national security and our fiscal house.

So this is an important bill, and I am glad that it looks like we are finally going to be able to take it up. And I hope that, in the future, we will be able to take up bipartisan legislation without these unnecessary delays.

I want to again thank my colleagues from both parties for their work on this bill. Senators Hagerty, Lummis, and Tim Scott have worked tirelessly with Senators Gillibrand and Alsobrooks and their Members. And they all deserve a ton of credit for listening to their respective sides of the aisle.

So, Mr. President, I look forward to beginning the floor debate later today.

I yield the floor.

I suggest the absence of a quorum.

Mr. President, I ask unanimous consent that the Committee on the Judiciary be discharged from further consideration and the Senate now proceed to S. Res. 143.

Mr. President, I ask unanimous consent that the resolution be agreed to, the preamble be agreed to, and the motion to reconsider be considered made and laid upon the table.

Mr. President, I ask unanimous consent that the Senate proceed to the en bloc consideration of the following resolutions, which are at the desk: S. Res. 234 and S. Res. 235.

I ask unanimous consent that the resolutions be agreed to, the preambles be agreed to, and the motions to reconsider be considered made and laid upon the table, all en bloc.

The resolutions were agreed to.

The preambles were agreed to.

(The resolutions, with their preambles, are printed in today's Record under ``Submitted Resolutions.'')

Mr. President, I ask unanimous consent that when the Senate completes its business today, it stand adjourned until 10 a.m. on Tuesday, May 20; that following the prayer and pledge, the Journal of proceedings be approved to date, the morning hour be deemed expired, the time for the two leaders be reserved for their use later in the day, morning business be closed, and the Senate resume consideration of the motion to proceed to Calendar No. 66, S. 1582, the GENIUS Act, postcloture; further, that the Senate recess from 12:30 p.m. to 2:15 p.m. to allow for the weekly conference meetings; and that all time during recess, adjournment, and leader remarks count postcloture on the motion to proceed to S. 1582.

Mr. President, if there is no further business to come before the Senate, I ask that it stand adjourned under the previous order.

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

Mr. President, it is Police Week this week--the yearly observance recognizing the service and sacrifice of our Nation's law enforcement officers. They are a special breed, the men and women who safeguard our communities.

I am a dad and a grandfather, and I think every parent knows that feeling when they place that baby in your arms for the first time, that knowledge that you would do anything to protect this person. But the incredible thing about police officers is that they have that protective instinct for all of us. They don't just volunteer to step between their loved ones and danger; they volunteer to step between any of us and danger--not because they know us but simply because we are human beings and need to be protected.

It is a natural human instinct to run from danger, but police officers go out to meet it, and they go out to meet it not knowing what the day will bring--like the police officer in Sioux Falls, SD, who was shot earlier this year while pursuing a suspect with multiple outstanding warrants for his arrest; or

like Moody County Chief Deputy Sheriff Ken Prorock of South Dakota, who was killed in the line of duty in February of last year and who is honored in this year's Police Week resolution.

Chief Deputy Prorock was killed after reportedly being deliberately struck by a car driven by a fleeing suspect being pursued by Madison Police. He was not a member of the Madison Police, but he heard the call for assistance on the radio and went out to help. He knew that he was placing himself in danger and knew that he could be risking his life, but he went anyway.

And as I said last year, that is the heroism of Chief Deputy Prorock and all of the men and women across our country who serve in our Nation's police forces and who, when they hear a call for help, go out and answer it.

This is Police Week, and every day I am grateful for the men and women of our Nation's law enforcement community and particularly grateful for all of our South Dakota officers who work tirelessly to safeguard our communities--safeguard our communities and build them up--because police officers do more than fight crime and stand between us and danger. They are an active and supportive presence in our communities, whether leading safety classes, building relationships with local youth, or helping a stranded driver or a family in need.

I am also profoundly grateful for the service of the U.S. Capitol Police, who are on the frontlines here in Washington, DC, every day. There is no getting away from the fact that there are dangers associated with working in the Capitol, and I am tremendously grateful for the men and women who keep us safe, whether they are protecting dignitaries, standing guard on the Capitol steps, or responding to threats.

Finally, as we recognize the service and sacrifice of our Nation's police officers, we should recognize the service and sacrifice of their families as well. It is not always easy to have a police officer for a husband or a wife, a mom or a dad. The hours can be long and irregular. The job is a heavy one, and there is always the knowledge at the back of your mind that your mom or dad or your husband or wife is out there confronting danger and that there is always a chance he or she might not make it home. So as we thank our Nation's police officers, we also want to make sure to thank their families, who also serve.

To all of our Nation's law enforcement officers, thank you. Thank you for serving our communities, for putting your lives on the line every day. Thank you for all the sacrifices you make to keep us safe. God bless you all.

I yield the floor.

I suggest the absence of a quorum.

Mr. President, I move to proceed to executive session to consider Calendar No. 125.

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

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

Mr. President, I move to proceed to Calendar No. 66, S. 1582.

Mr. President, I send a cloture motion to the desk for the motion to proceed to Calendar No. 66, S. 1582.

Mr. President, before I begin my remarks today, I want to say a word about our former colleague Christopher ``Kit'' Bond, who passed away yesterday at the age of 88.

Kit Bond dedicated his life to serving the people of Missouri. After serving as State auditor, he became Missouri's youngest Governor at the age of 33. Missourians sent him to the U.S. Senate in 1986, and he served here for 24 years.

His interests were many, from literacy and housing to trade with Southeast Asia. And those of us who knew him remember his kindness, his great care for people, and his love for this institution.

Today, I remember Kit for his life and for his service, and my prayers are with his wife Linda and his son Sam.

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

I ask unanimous consent to waive the mandatory quorum call with respect to the Michael nomination.

I ask unanimous consent the mandatory quorum call with respect to the Ueland nomination be waived.