Thune: First Major Digital Asset Bill in American History Signed Into Law
“[D]igital assets are the future. And we’re going to continue working to make sure that that future is American-made.”
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WASHINGTON — U.S. Senate Majority Leader John Thune (R-S.D.) today delivered the following remarks on the Senate floor:
Thune’s remarks below (as delivered):
“Mr. President, on Friday President Trump signed the first major digital assets bill in American history into law.
“The GENIUS Act opens the door for digital assets to come into the mainstream.
“And it sets us up for sustained American leadership in financial innovation.
“Thanks to the work of Senators Lummis and Hagerty and Chairman Tim Scott, the GENIUS Act will help – as President Trump said – make America the crypto capital of the world.
“Mr. President, the GENIUS Act creates a first of its kind regulatory framework for stablecoins – an important part of the digital asset ecosystem.
“$250 billion in stablecoins is in circulation today – up 22 percent just this year.
“On an average day, around $100 billion in transactions is executed using stablecoins.
“And the vast majority of those stablecoins are backed by the U.S. dollar.
“Stablecoins have an important role to play in payments.
“While digital asset advocates generally believe in holding Bitcoin because of its price fluctuations and growth in value over the last several years, stablecoins offer both the speed and security of the blockchain and the stability and usability of a dollar bill.
“And since most stablecoins are backed by the dollar, this represents an opportunity to strengthen the dollar and, by extension, the economy.
“Mr. President, when it comes to digital assets, in many ways the future is already here.
“The question is whether we welcome that future.
“The GENIUS Act offers an emphatic ‘yes’ to that question.
“After years of stablecoins operating in a legal gray zone … the GENIUS Act finally lays out a clear regulatory framework.
“That includes consumer protections so Americans can trust who they’re doing business with when they purchase stablecoins.
“The bill’s light-touch and tailored standards will provide consumers with confidence while promoting continued innovation right here in the United States.
“And its enforcement provisions offer clarity to stablecoin issuers and ensure accountability for violations.
“Mr. President, the GENIUS Act also protects against bad actors using stablecoins for malicious purposes.
“It holds stablecoin issuers to the same standard as other financial institutions subject to the Bank Secrecy Act.
“That means issuers will need to monitor and report suspicious activity.
“Comply with U.S. sanctions.
“And block transactions that violate state and federal law.
“Mr. President, what’s at stake here became clear last week when the Wall Street Journal reported that China seems to be concerned about stablecoins solidifying dollar dominance in the global financial system – spurred in no small part by the GENIUS Act.
“It’s clear that the GENIUS Act is already helping our country secure American leadership in this important space.
“We want stablecoins to be Made in America.
“We want digital assets to take root and to flourish in our country.
“We want America to lead in financial innovation.
“And the GENIUS Act will help us get there.
“It won’t be the last word on digital assets though.
“There’s still much more work to be done in this space, including on market structure.
“Senators Lummis, Hagerty, and Scott are once again leading on this issue, releasing the Senate’s market structure framework today – and I thank them for their important work.
“And I want to say that the next steps on digital assets should look to the GENIUS Act as a model – both for its light-touch and pro-innovation approach and for the bipartisanship that characterized the process.
“Mr. President, digital assets are the future.
“And we’re going to continue working to make sure that that future is American-made.”
Related Issues: Cryptocurrency
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