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

Floor Speech

Date: July 17, 2025
Location: Washington, DC

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Mr. FLOOD. Mr. Speaker, I have been working on this since I was in the Nebraska Legislature. Back in 2021, I passed the Nebraska Financial Innovation Act, making our State the second State to allow State- chartered banks to custody digital assets, stablecoins.

These stablecoins have the ability to greatly increase not only the speed of payments and settlements, but also make our economic system even more efficient. Stablecoins will also support the advancement of the U.S. dollar around the globe.

We may often take it for granted, but most of the transactions around the globe rely on a currency backed by the U.S. dollar. That could change if we don't adopt laws like this.

Who steps in? Adversaries like China.

We want to have a presence on the Continent of Africa. That is the next frontier. This assures us of that.

In the early days, caution was certainly prudent. Stablecoins are a novel technology with significant questions regarding how to protect consumers, like what happens in the event of bankruptcy and how to ensure that the issuers live up to the technology's namesake by providing a truly stable asset, the dollar.

That is why we have been working on this issue in our committee for the last several years. Similarly, the Senate has been running through their process.

Let me be clear, this bill is not perfect. With my experience in Nebraska, I have been a strident supporter of a strong, robust State pathway for issuers. This bill has a State pathway, but it is capped at a $10 billion asset threshold.

I personally much prefer Congressman Bryan Steil's STABLE Act to this Senate product. However, despite my personal preferences, this bill absolutely provides a comprehensive and safe Federal framework for stablecoin regulation.

In order to usher in a new era of blockchain innovation, we need to pass the GENIUS Act so our regulators can get to work implementing a comprehensive stablecoin framework.

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