French HillChairman

Washington, April 1, 2025 -

Digital assets have rapidly evolved and are quickly becoming cornerstones of the global economy. Today, approximately 65 million Americans own some form of cryptocurrency, including stablecoins. These assets change how consumers and institutions transact, invest and store value. The rise of decentralized finance platforms, blockchain technology and digital tokens has democratized the internet and sparked a financial revolution that is here to stay. However, as with any rapidly emerging industry, Congress must provide clear regulatory guidelines to ensure that digital assets remain secure, stable and beneficial for all Americans.

From the start of his campaign, President Trump has made it clear that the United States will lead the way in digital assets. He has consistently emphasized the importance of fostering innovation while ensuring dollar-backed stablecoins have regulatory clarity that protects consumers from fraud.

In the president’s vision, stablecoins will cement the U.S. dollar’s dominance as the global reserve currency for decades to come. With increasing global interest in digital currencies, especially from foreign governments such as China, U.S.-based innovation must continue to dominate the digital economy. Senate Banking Committee Chairman Tim Scott, House Financial Services Committee Chairman French Hill, Sen. Bill Hagerty and I are aligned with Mr. Trump’s vision and are working quickly to deliver on our mutual goals.

Recently, the Senate Banking Committee took an important step toward these goals by advancing their stablecoin framework with the GENIUS Act, and it is now time for the House to do the same. This Wednesday, the House Financial Services Committee will mark up the STABLE Act, which establishes a framework for issuing and operating U.S. dollar-backed payment stablecoins. The bill is the product of an open, transparent and thorough collaboration among lawmakers, stakeholders and consumers.

Thanks to extensive hearings and wide-ranging feedback, we have delivered a bill to usher in the golden age of digital assets in America. Our bill sets clear rules for asset-backed payment stablecoins and protects consumers and the broader financial system from unnecessary risks. The STABLE Act will enhance market confidence, limit volatility and provide much-needed consumer protection.

The House, Senate and Trump administration are serious about working together to ensure that stablecoin issuers, digital asset firms, and blockchain developers can operate under fair, transparent and predictable rules in the United States. The rapid pace of innovation in this space calls for timely congressional action, but it must be done correctly. The regulatory framework we are building will set the stage for the future of digital assets in America and around the globe.

As chairman of the House Financial Services subcommittee on digital assets, financial technology and artificial intelligence, I am proud to continue working alongside Mr. Trump, Mr. Hill, Mr. Scott and other legislative and executive branch leaders to ensure our effort becomes law. Our goal is simple: to create a regulatory environment that fosters innovation, provides stability and protects American consumers and investors. We want the next wave of entrepreneurs and startups to emerge not in boardrooms and law firms but in basements and dorm rooms.

The future of digital assets is bright, but we must act now to stay ahead.