During remarks on the Senate floor Thursday, Sen. Cynthia Lummis (R-WY) spoke about the GENIUS Act.
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00:00President. Senator from Wyoming. Mr. President, before I talk about digital assets, I want to
00:05take a moment to remember Sarah Lynn Milgram and Yaron Lestinsky, who were tragically,
00:13senselessly murdered last night at the Capitol Jewish Museum. May their memory be a blessing
00:21for their families, their friends, and their community, and their faith. Let me be very clear,
00:29anti-Semitism, and this kind of hate-fueled violence have no place in our country, no place
00:36in the world, and I encourage you all to join me in keeping these families in your prayers in the
00:42coming weeks. I'm proud to stand in support of Israel during this time. And now I'll switch to
00:51the Genius Act. The Genius Act is a watershed moment in how we approach digital finance while also
00:58preserving the institutions that have served our nation for decades. Digital assets are the future,
01:05and it is our responsibility to ensure the United States continues to lead the way.
01:10The uncomfortable reality is that our payment system is outdated. Many of our financial rails
01:18date back to the 1970s and 80s, before the internet transformed how we live and work. When a small
01:27business owner in Cheyenne uses a traditional payment system to send a payment to a supplier overseas,
01:33they face up to 10 days and 2 to 5 percent transaction fees. This isn't just inconvenient.
01:42It's a complete disadvantage to American businesses. But digital assets changed all that.
01:50stable coins can complete these same transactions in seconds at a fraction of the cost, 365 days out of the year.
02:02The Genius Act not only revolutionizes the way we do business, but preserves critical financial institutions,
02:09and they need this opportunity. For more than 150 years, our country has maintained both state chartered and national banks. There are about 5,000 banks. 4,000 of them are chartered at the state level. Only 1,000 at the federal level. This system has been the engine for American economic growth, providing businesses of all sizes with diverse financial
02:39services tailored to local needs. In Wyoming, we have seen firsthand how state chartered banks serve the specific needs of ranchers, energy producers, and Main Street that might otherwise have been overlooked by larger institutions. We've also seen how the dual banking system permits states as laboratories of democracy to thoughtfully integrate new products and services into our banking system. Wyoming and other states are
03:09We're the first to provide legal clarity for digital assets and show in great detail how they can thoughtfully be integrated into our payments and contracts. The Genius Act thoughtfully preserves the dual banking system by creating clear pathways for stable coin issuance under both state and federal oversight. The legislation also protects and builds upon Wyoming's regulatory framework for digital assets
03:39consumers and promotes responsible innovation and promotes responsible innovation. This legislation, the Genius Act is thoughtful and it's a balanced approach America needs to maintain and grow our influence in financial advancement and history will remember how we capitalize on or squander this moment. American leadership and digital finance is a privilege. Let's ensure it stays in America and not
04:09not Europe, not Singapore, not China. Let's lead in this innovation, this technology, this advantage to individuals and small communities. We need American values and American leadership to ensure prosperity in the next generation. Let's get the Genius Act passed and secure America's financial future.