Political Quotes

“I rise in support of the Hagerty- Gillibrand substitute amendment to the GENIUS Act, legislation to regulate the cryptocurrency assets known as stablecoins. Over the past several years, top U.S. financial regulators--both Democrats and Republican administrations--have repeatedly called on Congress to do their job: Regulate this new industry; do your work; do the oversight; do the accountability; write legislation; and pass a law. They repeatedly called on Congress to regulate stablecoins, recognizing their global role in the global economy. Both administrations have recognized that for the United States to remain the financial capital of the world, Congress needs to pass clear regulatory rules that protect consumers and foster innovation here at home. I started working on this legislation 3 years ago with Cynthia Lummis. This is not a bill written quickly for any reason but to regulate an industry that needs rules of the road. To date, Congress's failure to act has left the digital asset space as a Wild West, where American consumers are vulnerable to scams, and businesses are desperate for the regulatory clarity they need to compete with foreign countries, foreign entities that do business in our markets effectively. Doing nothing and protecting the status quo is not only irresponsible, it is unacceptable. Unlike the United States, our global competitors have moved to regulate the space.”