00:03In November, the American people elected the most pro-innovation, pro-crypto Congress and president in American history.
00:12Following his historic victory, President Trump gave Congress a mandate to pass landmark legislation creating rules of the road for the digital asset ecosystem.
00:23The Genius Act is the first step in fulfilling that promise.
00:26I would like to applaud my Senate colleagues, Chairman Scott, Senators Hagerty, Lummis, and Gillibrand, for energizing an often calcified Senate to send over the Genius Act.
00:38Furthermore, I'd like to thank my colleagues, Speaker Johnson and Leader Scalise, along with Chairman Hill and Chairman Thompson, for putting this bill on the House floor today for a vote.
00:48Fundamentally, any stablecoin bill is about national security.
00:53It's about preserving and extending the dollar's dominance as the world's reserve currency.
00:59People want to transact in dollars because we have the strongest and most reliable economy and government in the world.
01:06It's the currency the world counts on to do business.
01:09And the United States' global position relies on that status.
01:13The United States cannot afford to sit on the sidelines.
01:16If we fail to lead in this space, we risk leaving the door open for authoritarian regimes like China to advance its state-controlled digital currencies.
01:26This bill is a globally competitive regulatory framework for dollar-backed stablecoins, one that encourages domestic innovation and brings transaction volume back into the United States visibly and under our control.
01:40As we saw over the last four years under the Biden administration, regulation by enforcement not only created uncertainty, but also pushed companies offshore.
01:50A clear and defined stablecoin framework like that in the Genius Act keeps these innovators here at home and brings back all those who left.
01:58This is not a perfect bill, but it is a perfect bill for this moment.
02:03Congress must keep its eyes on the finish line and send the Genius Act to President Trump's desk this week.
02:09Bottom line, the Genius Act is a pro-innovation, pro-freedom, and pro-growth piece of legislation.
02:16It's a bipartisan solution to a global challenge, empowering U.S. markets to lead, not follow.
02:23Let's pass this bill and secure American financial leadership in the global digital economy.
02:29I encourage all my friends in this body to unequivocally vote yes on this bill, and with that, I yield back.
