Providing Congressional Disapproval Under Chapter 8 of Title United States Code, of the Rule Submitted By the Environmental Protection Agency Relating to ``California State Motor Vehicle and Engine Pollution Control Standards; Heavy-Duty Vehicle and Engine Emission Warranty and Maintenance Provisions; Advanced Clean Trucks; Zero Emission Airport Shuttle; Zero-Emission Power Train Certification; Waiver of Preemption; Notice of Decision''

Floor Speech

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Ms. LUMMIS. Mr. President, before I talk about digital assets, I want to take a moment to remember Sarah Lynn Milgrim and Yaron Lischinsky, who were tragically, senselessly murdered last night at the Capital Jewish Museum.

May their memory be a blessing for their families, their friends, their community, and their faith.

Let me be very clear. Anti-Semitism and this kind of hate-fueled violence have no place in our country, no place in the world.

I encourage you all to join me in keeping these families in your prayers in the coming weeks. I am proud to stand in support of Israel during this time. GENIUS Act

Mr. President, now I will switch to the GENIUS Act.

The GENIUS Act is a watershed moment in how we approach digital finance while also preserving the institutions that have served our Nation for decades.

Digital assets are the future, and it is our responsibility to ensure the United States continues to lead the way. The uncomfortable reality is that our payment system is outdated. Many of our financial rails date back to the 1970s and 1980s, before the internet transformed how we live and work.

When a small business owner in Cheyenne uses a traditional payment system to send a payment to a supplier overseas, they face delays up to 10 days and 2 to 5 percent transaction fees. This isn't just inconvenient; it is a competitive disadvantage to American businesses.

But digital assets change all that. Stablecoins can complete these same transactions in seconds, at a fraction of the cost, 365 days out of the year. The GENIUS Act not only revolutionizes the way we do business but preserves critical financial institutions, and they need this opportunity.

For more than 150 years, our country has maintained both State- chartered and national banks. There are about 5,000 banks; 4,000 of them are chartered at the State level and only 1,000 at the Federal level. This system has been the engine for American economic growth, providing businesses of all sizes with diverse financial services tailored to local needs.

In Wyoming, we have seen firsthand how State-chartered banks serve the specific needs of ranchers, energy producers, and Main Street that might otherwise have been overlooked by larger institutions. We have also seen how the dual banking system permits States, as laboratories of democracy, to thoughtfully integrate new products and services into our banking system.

Wyoming and other States were the first to provide legal clarity for digital assets and show, in great detail, how they can thoughtfully be integrated into our payments and contracts. The GENIUS Act thoughtfully preserves the dual banking system by creating clear pathways for stablecoin issuance under both State and Federal oversight. The legislation also protects and builds upon Wyoming's regulatory framework for digital assets that both protects consumers and promotes responsible innovation.

This legislation, the GENIUS Act, is thoughtful, and it is a balanced approach America needs to maintain and grow our influence in financial advancement, and history will remember how we capitalize on or squander this moment.

American leadership in digital finance is a privilege. Let's ensure it stays in America and not Europe, not Singapore, not China. Let's lead in this innovation, this technology, this advantage to individuals and small communities. We need American values and American leadership to ensure prosperity in the next generation.

Let's get the GENIUS Act passed and secure America's financial future.

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