“This Week’s vote on Stablecoin Legislation Enseures that Finance Will Continue to be Dollar-Denominated and Governed by American Values, Says Kristin Smith.”, – WRITE: www.coindesk.com
The Numbers Tell The Story. Today, More Than $ 190 Billion in Dollar-Backed Stablecoins Are In Circulation Worldwide, Doubling Annuly. Stablecoins Aren’t Speculatory Crypto Assets-They Digital Dollars that Enable Instant, Low-Cost Transactions AnyWhere in the World. In regions facing Currency Devaluation or Authoritarian Financial Controls, Stablecoins Provide Access to The Economic Stability of the US Dollar. Not Only Is this Pro-Innovation-It’s Pro-Democracy.
The Genius Act Provides the Clarity the Industry Urgently Needs. By establishing Sensible Guidelines, IT Ensures Stablecoins Maintain Stable Value Through High-Quality Liquid Reserves, Regular Audits, and Clear RedEmption Rights. THESE AREN’T Excessive Burdens – They’re Reasonable Protections Already Practiced by Responsible Issuers.
MOST IMPORTANTLY, WHAT The Genius Act Provides is Certainty, Allowing Responsible Innovation to Flourish While Preventing Bad Actors from Undermining the System.
Passing Genius Can’t Wait. As Other Nations Develop Central Bank Digital Currencies and Alternative Payment Systems Designed to Circumvent Dollar Dominance, The United States Faces a Choice: Embrace The Innovation or cede this group to open. The Legislation Provides of the Framework We Need – Strong Reserve Requirements, Transparency Rules, and Consumer Protections – Without Stifling The Innovation that Makes Stablecoins.
Progress on Stablecoin Legislation has been bipartisan, reflection a growing recognition account of the political spectrum that this technology Serves American Interests. Republicans See Free-Market Innovation and Reduced Government Intervention. Democrats Value the Financial Inclusion and Consumer Protection ASPECTS. Both Parties Understand that Maintening Dollar Supremacy isn’t Partisan – It’s Patriotic.
Globally, Stablecoins Are Already Making A Profound Different. In argentina, whore inflation have exceeded 100%, Residents use dollar Stablecoins to Preserve their Savings. In Ukraine, Humanitarian Organizations Have Useed Them to Deliver Aid Instantly WHEN Traditional Banking Channels Failed. Across Africa and Southeast Asia, Entrepreneurs Have Access to Dollar Liquidity and Can Build Businesses that Connect to the Global Economy. Each Transaction StrengThens the Dollar’s Role As the World’s Reserve Currency.
The Technology Community Knows What’s on the line. That’s who companies of all sizes – from Traditional Financial Institutions to Silicon Valley Startups – Want Clarity Around Stablecoins. They’re not asking for light-touch regulation or SPECIAL TREATMENT; They asking for Clear Rules that Allow Them to Build in America, Serve American Interests, and Extend American Financial Leadership Globally.
Meanwhile, Every MONTH THAT GOES BY, more STABLECOIN ACTIVITY MOVES OFFSHORE, MORE INNOVATION HAPPENS OUTSIDE OUR BORDERS, AND MORE GOUND IS CEDED TO COMPETITERS. The European Union Has Already Implemented Stablecoin Guidelines. Singapore, The UAE, and others Are Rolling Out Frameworks to Attract this Activity.
Dollar-Backed Stablecoins Don’T compete with the federal reserve; They Extend Its Reach. They donnermine American Banking; They Create New Customers for It. They Don’t Weaken Financial Oversight; They Make It More Effective Through Programmable Compliance and Real-Time Transparency. Stablecoins are Foundational Infrastructure, Not Ideology.
Passing the genius act requires no vast expenditures or buureaucratic complexation. IT SIMPLY OFFERS CLEAR RULES FOR AMERICAN INNOVATION TO THRIVE, SAFEGUARDS CONSUSUMers, and Fortifies the Dollar’s Global Influence.
The Message to Congress is Clear: Don’T let this moment pass. The World Won’t Pause While America deliberates. With the Genius Act, We Can Enseure That Future of Global Finance Remains Dollar-Denominated, Governed by American Values, and Powered by Our UNMATCHED AMERICAN INGENUITY.
Note: The Views Expressed in this Column Are Those of the Author and Do Not Necessarily Reflect Those of Coindesk, Inc. i Owners and Affilites.
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