00:00Can I ask you about market structure? I know that needs to be addressed separately.
00:04You kind of don't ever do that. Is that going to be something that you can do in tandem ultimately when the House passes what they will pass?
00:11Do you see that in the way together or separately?
00:14You know, the House has also worked on stable coins.
00:20For a couple of years, Senator Gillibrand and I, who have a market structure bill,
00:26have been working with our House counterparts on market structure.
00:30It is undetermined whether they will be joined at any point.
00:35So we continue to pursue strategies that would allow both market structure and the Genius Act or stable coin legislation to cross the finish line this calendar year.
00:47And I would say this. Someone made the remark yesterday that if you can't get the stable coin legislation done, you'll never get market structure accomplished.
00:54And I think that's true. The stable coin legislation is straight forward.
00:58It's easy to explain. I think my colleagues understand this.
01:01This is basically just converting the dollar to the digital currency of preference.
01:04And what that has to do with it makes it secure. It protects consumers.
01:08But at the same time, it establishes the dollar as the currency of choice for all digital payments.
01:12And takes us from a system that was born in the 70s and 80s to the 21st century.
01:17And as Senator Luma said earlier, this puts us at the very cutting edge of innovation and technology.
01:22A lot of my colleagues on both sides of the aisle, I think, see this promise, want to see us get started.
01:26And this will move straight into market structure. This is a great way to build that momentum.
