John Thune: “on Friday, President Trump signed the first major digital assets bill in American history into law. The GENIUS Act opens…”

“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 and 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. The GENIUS Act creates a first of its kind regulatory framework for stablecoins, an important part of the digital asset ecosystem. Now, $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. 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.”