Political Quotes

“today I am introducing the Foreign Stablecoin Transparency Act. This important legislation would close a loophole in the Guiding and Establishing National Innovation for U.S. Stablecoins, or GENIUS, Act by extending a provision that requires large U.S. stablecoin issuers to undergo a full financial statement audit to also cover large foreign stablecoin issuers that offer and sell their products to U.S. investors. Stablecoins are cryptocurrencies whose value is pegged to a real-world asset, which under the GENIUS Act is the U.S. dollar. The basic promise that stablecoin issuers make to their holders is that a stablecoin will always be redeemable for a dollar on demand. You give a stablecoin company a dollar, the company gives you back an IOU that is recorded on a blockchain. The stablecoin company takes your dollar and invests it in various safe assets that are purportedly able to be liquidated at any time to meet redemption requests. All kinds of companies that handle the American peoples' money must undergo financial statement audits.”