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

Floor Speech

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Mr. THOMPSON of Pennsylvania. Mr. Speaker, I am proud to stand before Chairman Hill and support the GENIUS Act. It actually garnered 68 bipartisan votes in the Senate. I appreciate those Senators. They demonstrated an awareness of the needs of a modern financial sector here in the United States. I congratulate Chairman Hill and Chairman Steil and thank them for their work on the stablecoin legislation.

The GENIUS Act represents an important step for this Congress in establishing the United States as a leader in the digital asset space.

This legislation, together with the market structure bill that we previously considered, which I have had the honor of cosponsoring with my colleagues on the Financial Services Committee, will provide important safeguards around the utility of vital digital assets in the next generation of global finance.

Furthermore, Mr. Speaker, I intend to submit additional remarks for the Record to clarify congressional intent on the effect the bill may have on the ability to list certain derivative products.

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