WASHINGTON – As Congress moves forward on stablecoin legislation—the Senate’s GENIUS Act and House’s STABLE Act—following are excerpts from the American Consumer and Investor Institute’s (ACII) latest op-ed in RealClearMarkets calling for the final stablecoin legislation that reaches President Trump’s desk to put American consumers, businesses, and families first by prioritizing U.S. licensing requirements, reserve transparency, and more common-sense compliance to create a level playing field for all issuers, foreign and domestic.
EXCERPTS:
“After more than a decade of conflicting guidance at the federal level, Congress is finally on the verge of passing legislation to provide clear guidelines for payment stablecoins. Indeed, in early May, Senate Majority Leader Thune moved to expedite the Senate’s stablecoin bill and bring it to a floor vote before Memorial Day. These rules have the potential to unlock a more inclusive, modern, and efficient financial system for American families, workers, and business. But we can achieve this future only by ensuring a fair and level playing field that protects consumers—and the U.S. economy—from bad actors who would exploit our markets.”
[…]
“That’s why stablecoin legislation must hold all stablecoin issuers operating in the United States to the same standards—regardless of where they are based—by bringing them under the jurisdiction of our financial regulatory bodies, law enforcement agencies, and courts under a fair and common-sense regulatory regime. It is critical that the version of stablecoin legislation that advances to President Trump’s desk provides the appropriate enforcement mechanisms to safeguard American consumers.”
[…]
“The final version of stablecoin legislation that Congress sends to President Trump’s desk should have clear compliance requirements for all issuers. That means licensing in the U.S., having a legal presence in the U.S., making reserves available for independent audit, disclosing reserves regularly, and following other common-sense measures that foreign issuers have never had to grapple with in the U.S.”
“Stablecoins are poised for even greater growth and influence in the U.S. and across the world. To facilitate that growth, Congress must focus its efforts on keeping bad actors out of our markets, protecting American economic and national security interests, and building an economy that works better for families, workers, small business, and future generations.”
Read the full op-ed HERE.