Northeast South Dakota News

U.S. Senate Majority Leader John Thune addressed the Senate floor today, highlighting the significance of a new digital assets bill signed into law by President Trump. The GENIUS Act, described as the first major digital assets legislation in American history, aims to integrate digital assets into mainstream financial systems.

Thune acknowledged the contributions of Senators Lummis and Hagerty and Chairman Tim Scott in crafting the GENIUS Act. He stated that this legislation positions America for leadership in financial innovation, aligning with President Trump's vision to make America a leader in cryptocurrency.

The act introduces a regulatory framework for stablecoins, which are increasingly used in transactions and are mostly backed by the U.S. dollar. This framework includes consumer protections and standards to ensure accountability among stablecoin issuers.

Thune emphasized that stablecoins play a crucial role in payments due to their stability compared to other digital currencies like Bitcoin. The GENIUS Act is designed to strengthen the U.S. dollar and economy while ensuring compliance with legal standards.

He also noted concerns from China regarding stablecoins potentially reinforcing dollar dominance globally, suggesting that the GENIUS Act is already influencing international dynamics.

The act is seen as a step towards securing American leadership in digital finance, though Thune acknowledged ongoing work needed on market structure. He praised Senators Lummis, Hagerty, and Scott for their continued efforts on this front.

In conclusion, Thune reiterated America's commitment to leading financial innovation through measures like the GENIUS Act.