Circle CEO Jeremy Allaire says Democrats won’t reverse the GENIUS Act

Circle CEO Jeremy Allaire has a message for anyone nervous about the midterms: the GENIUS Act isn’t going anywhere. Allaire says Democrats will not reverse the stablecoin law even if they win control of the House. His reasoning is simple. Plenty of Democrats voted for it in the first place. The case for staying power Allaire made the argument in a CNBC interview on October 21, 2026. That same day, the Office of the Comptroller of the Currency (OCC) released its final rules for implementing the law. The GENIUS Act was signed into law on July 18, 2025. It cleared the Senate 68-30 and the House 308-122. Those margins included 102 House Democrats and 18 Senate Democrats voting yes. Allaire’s point is that wide support insulates the law from future political swings. Repealing a bill requires lawmakers to undo their own votes. Many of the Democrats who would hold the gavel in a flipped House are the same ones who voted for this law. He also framed the law as more than a crypto win. Allaire described it as important for the strength of the US dollar, since it locks in a formal role for digital dollars. What the OCC rules actually require The OCC’s final rules put concrete standards on pay...