Northeast South Dakota News

U.S. Senate Majority Leader John Thune addressed the Senate floor, emphasizing the importance of cryptocurrency and stablecoins in today's financial landscape. He highlighted that many Americans are already engaging with cryptocurrencies, including stablecoins, which are dollar-backed digital currencies offering secure and swift transactions.

Thune stated, "Mr. President, stablecoins are a relatively recent financial innovation, but they’ve quickly caught on." He noted that traditional financial institutions might enter the stablecoin market and companies like Uber and Airbnb are considering integrating them into their operations.

The GENIUS Act is proposed as a regulatory framework for stablecoins to ensure trust and security in transactions. According to Thune, it would require issuers to adhere to standards similar to other financial institutions, helping prevent criminal activities and ensuring compliance with U.S. sanctions.

Thune argued that the act would bolster demand for the U.S. dollar and treasuries, enhancing national security and fiscal stability. He remarked on the bipartisan support for the bill: "The version of the GENIUS Act that we will invoke cloture on today reflects months of hard work and negotiations from members on both sides of the aisle."

He credited Senators Hagerty, Lummis, and Chairman Tim Scott for their roles in advancing the legislation through committee discussions where numerous amendments were considered.

Asserting America's leadership in financial innovation as a priority, Thune expressed hope for swift passage by both chambers of Congress so it can be signed into law by President Biden. "Mr. President," he concluded, "digital assets are the future."