Last November, the American people clearly spoke. They support President Trump and the agenda he fought against: a “golden age” in America. A key component of President Trump’s agenda exploits the US leadership of advanced technology and financial strength in favor of all Americans.
Nowhere is this renewed focus on using our strengths for the future more necessary than in the development of digital assets and blockchain operations where Washington has slept at the steering wheel for too long.
According to studies, 55% of US investors own Bitcoin, and more than 40 million owns some form of cryptocurrency. Even our largest financial institutions now embrace digital assets and the transformative power of blockchain technology. There is no doubt that these innovations will make financial products more affordable and accessible. From stablecoins to tokenization of assets to decentralized financing applications, these progress has the potential to lower costs and expand the possibilities of both investors and consumers.
Despite its transformative potential and widespread adoption, the Biden-Harris administration refused to recognize the promise of this technology. Officials were not just indifferent – – They were openly hostile. No matter how safe or innovative, products associated with “crypto” or “digital assets”, stoned and litigation to the shield were. Authorities refused to provide meaningful guidance on how this technology could be implemented in a compatible way. Worse is that the implemented new policies to make adoption even more difficult.
Today is a new day. There is a broad consensus that we need FIT-for-Formose regulation that locks opportunities for opportunities while providing consumer and national security protection as Americans deserve. The world counts on us to ensure that global payment systems are not used for dishonest purposes, including the financing of terrorism and drug trafficking. Due to the Biden-Harris administration’s abdication of responsibilities in the last four years, the United States have fallen afterwards, and others, including our opponents, develop products and systems that threaten the dollar precedence.
Despite the Biden-Harris administration’s reluctance, Republicans in the last Congress House led the charge and adopted landmark law that created a forward-looking regulatory framework for digital assets. This Bipartisan Bill provides appropriate protection for consumers and processes proactively national security and money laundering of money laundering, while securing the United States as a leader in digital assets and blockchain innovation.
Congress Republicans will now pick up where we left and work in a bikameral way with the Trump administration and financial regulators to ensure that the open hostility of the executive branch in the last four years is removed.
The congress has a unique opportunity to adopt legislation playing to US forces. We will provide a foundation that will detach innovation in the digital assets and the blockchain room while at the same time strengthening the status of the US dollar as a reserve currency and the preferred payment method for legal transactions across the globe.
As leaders of digital assets in the House Financial Services Committee, our immediate priorities include the establishment of a federal framework with clear rules around stableecoins, giving clarity for the initial sales and distribution of tokens, which creates roads for registration of centralized platforms for trade in tokens, Implementation of strong protection against money laundering and terrorist financing and secure fair competition.
We have already begun this work by recently releasing our draft discussion to establish a framework for issuing and operating the dollar-denominated payment stablecoins in the United States.
There are those who share the Biden-Harris administration’s perception that the ecosystem with digital assets is, with the words of former SEC chairman Gary Gensler, “Full of Hucksters, scammers and scam artists.” But this mood emphasizes only the urgent need for this effort. Effective legislation and proactive legislative engagement will ensure that good actors with innovative products can thrive in the United States, and consumers are appropriately protected against carpet, market manipulation and other fraudulent activity.
We are world leaders in economics and technology because we have looked forward to our history and embraced innovation as a means of lowering costs, increasing opportunities and improving protection. We have to be true to our history and do it again.
With our newly created Bikameral Working Group for Digital Assets, we will work in Lock Step with chairman of the Senate Bank Committee, Tim Scott, Senate Agricultural Chairman John Boozman, House Agriculture Chairman GT Thompson and the White House Crypto Czar David Sacks to promote the legislation delivering on it Promises we gave to the American people. The “golden age” of digital assets in the United States is now beginning.
