Guiding and Establishing National Innovation for U.S. Stablecoins Act

Floor Speech

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Mr. HUIZENGA. Mr. Speaker, I thank the chairman for yielding me time.

Mr. Speaker, today is a good day for innovation. It is a good day for free markets, entrepreneurs, and consumer choice. It is a good day for American digital leadership.

Mr. Speaker, after years of debate and, frankly, as I was chair of the Capital Markets Subcommittee in 2017 and 2018 and held hearings on cryptoassets, Congress has finally recognized the unique nature of stablecoin products.

Under this bill, we established a regulatory framework that targets the activity, not the technology. After years of indecision, Americans finally have an administration that is ready to embrace those products. The time to reassert American leadership in the digital asset space is now.

The GENIUS Act acknowledges that stablecoins can address inefficiencies in the U.S. payment system. It acknowledges that maintaining the U.S. dollar as the world's reserve currency should always be at the forefront of any decision that we have. It acknowledges that the private sector must lead the way, fostering innovation and competition.

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Mr. HUIZENGA. Mr. Speaker, I thank the chairman for yielding me additional time.

Mr. Speaker, obviously, at the end of this, finally, it acknowledges that a clear regulatory framework led by the United States is needed to usher in this modern technology.

Mr. Speaker, we are at an inflection point. When it comes to digital assets, I urge my colleagues to seize this moment by supporting this important legislation.

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