Andrew Garbarino actually said...

Just this morning, before the hearing, I saw news that Russia is exploring legislation to formalize their ability to transact in crypto.

I would call upon the subcommittee to think deeply about passing some sort of bill about stablecoins.

If I am an issuer and I want to create a stablecoin, I technically don't know if I am going to be answering to a State regulator, a Federal ...

This is bad for jobs. It is bad for the strength of the dollar. It is bad for our status as a reserve currency.