‘Digital Assets Are Here To Stay’: Cynthia Lummis Touts GENIUS Act, A Bill To Regulate Stablecoin

During a Senate Republican press briefing on Tuesday, Sen. Cynthia Lummis (R-WY) spoke about the GENIUS Act.

Transcript

00:00Well, this has been a long time coming, and a lot of negotiations have gone on to get this bill

00:09to this point where we had a strong bipartisan vote last night.

00:13We look forward to sending this bill to the House so the U.S. can establish itself as

00:20the country that has adopted the most advanced, forward-thinking, digital asset policy in the world.

00:28It's something President Trump supports, it's something that we are dedicated to because

00:34the digital asset industry is already embedded in our country and worldwide, and we need to

00:40have something that preserves a dual banking system that recognizes the U.S. dollar through

00:45our U.S. Treasuries as the important global asset that they are and continues to be, as

00:53Senator Hagerty says, the impetus for our being the global world reserve currency.

00:59This week, Coinbase, a digital asset company, joins the S&P 500, the first digital asset

01:07company to join the S&P 500.

01:10Digital assets are here to stay.

01:12Among the 20 largest holders in the world of U.S. Treasuries is a stablecoin.

01:20These are embedded assets that we haven't regulated, that we haven't welcomed into our country until

01:26the Genius Act.

01:27I want to thank Senator Hagerty for his tireless work on this.

01:31I want to thank Senator Thune for giving us another chance at getting this to cloture.

01:38And it is a great advance forward, not only for the U.S. Senate in that it is the first

01:45bill that's come out of the Banking Committee in eight years.

01:49But it is our first effort to integrate our country into what will be a faster and cheaper

01:55means by which individuals, small businesses and others can engage in business all over

02:01the world.