Political Quotes

“Madam Speaker, I rise today because we are at a crossroads in banking, FinTech, and finance. Blockchain is a revolutionary technology that is going to change the way Americans do business. The question today in front of us is whether we would like America to lead that change or let somebody else take the reins. We are planning on marking up two bills next week in the Financial Services Committee: one on digital assets market structure and the other on stablecoins. I am going to focus my remarks today on stablecoins. I am not new to this subject. In the Nebraska legislature, I wrote and passed a bill that allows for banks in Nebraska to issue stablecoins--State chartered banks. This is an issue that I have worked on and cared about for years. Since 2017, stablecoins have grown to $130 billion in market cap. That is the size of a multinational institution like Deutsche Bank. We are not dealing with a theoretical conversation about stablecoins here. Stablecoins have already arrived. Whether you like them or not is irrelevant, Madam Speaker. They are here, and the question of the day is how to regulate them, not whether to regulate them at all. Now that we have covered the basic need for this legislation, let's discuss a specific issue in the bill: how to treat State-regulated institutions that want to issue a stablecoin. Our dual banking system is the envy of the world. It allows us to provide true regulatory tailoring, particularly for small community banks, in our country.…”