Congresswoman Simon Statement on S. 1582 and H.R. 3633

Washington, D.C. – Today, Congresswoman Lateefah Simon (D-CA-12) released the below statement following her vote on S. 1582, the Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025 (GENIUS Act) and H.R. 3633, the Digital Asset Market Clarity Act of 2025 (CLARITY Act).

“I believe strongly in innovation, new ideas, and that changes in society and technology that can improve people’s lives. Our communities are already participating, investing in digital currencies, and being scammed without any real protections. I am especially concerned about Black and brown investors, who turned to crypto originally because the traditional financial institutions have created structural barriers to entry.

“Currently, the digital assets market is the Wild West – no rules, guardrails, or attempts at fairness.

“I voted for the CLARITY Act because we need a first step. We must begin to implement a regulatory framework. But this must only be the beginning. Congress must follow this step with strong legislation that addresses continuing concerns about equity, the need for consumer protections, and bars the executive branch from using public office to enrich itself. No president or Member of Congress should hold financial stakes in the markets they regulate and influence. Our communities deserve real rules and protections in a market that has thus far gone unchecked.

“I opposed the GENIUS Act because I have strong concerns about conflicts of interest and the lack of meaningful guardrails to limit large corporations and President Trump in issuing their own stablecoins. President Trump himself has already made an estimated $1 billion plus in profits from crypto, and I believe this legislation will give him greater ability to profit for his own personal gain.

“We need regulation rooted in justice. For me, this means protecting those in our communities who already utilize these technologies, ensuring we have guardrails to protect the pensions of federal employees, and advancing legislation that levels the playing field for working families. I look forward to crafting and supporting legislation that prevents abuses of power and inequity AND creates comprehensive and thoughtful regulation in the digital assets space.” 

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