I was an original cosponsor of bipartisan legislation of the House version of a bill that has now been enacted into law, the Genius Act. This Congress’ first efforts to enact guardrails for stablecoin, enabling the regulated deployment of “digital dollars” where issuers are required to keep a 1:1 reserve for each and every stablecoin (eg, with treasuries or deposits). If properly regulated, stablecoin can help millions of consumers reduce financial fees, expedite transactions, dampen inflation abroad, maintain dollar primacy globally, and ensure accurate records through an immutable blockchain. #crypto
