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

Allaire argues the stablecoin law's bipartisan vote count protects it from a shift in House control 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. 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.

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