In latest weeks, Congress has made historic strides towards securing America’s management in digital asset innovation. With the passage of the GENIUS Act, we’ve taken a significant step towards guaranteeing that this rising sector operates beneath clear, constant guidelines—guidelines that defend shoppers, encourage accountable innovation and strengthen nationwide safety. However make no mistake: that is just the start.
As leaders who deliver complementary views—one from years shaping monetary coverage within the U.S. Senate, the opposite from many years in nationwide safety—we share a conviction: the US should lead on Bitcoin and digital asset innovation. Clear, accountable guidelines will unlock financial alternative, protect privateness and defend in opposition to illicit finance. Washington’s method should be rooted in each freedom and safety—and we’re dedicated to advancing that stability.
The GENIUS Act represents a significant step ahead in establishing guardrails for stablecoins—digital tokens backed 1:1 by {dollars} or greenback equivalents. It creates a transparent pathway for each state and federal oversight, ensures stablecoin issuers meet transparency and reserve necessities and protects shoppers with out stifling innovation. With stablecoins enjoying an more and more essential position in international finance, this bipartisan invoice provides the U.S. a aggressive and credible framework to steer.
Broader market construction reform can also be important. Congress should present long-overdue readability to the trade by distinguishing between digital belongings which can be securities and people which can be commodities. Payments just like the Lummis-Gillibrand Accountable Monetary Innovation Act grant major jurisdiction to the CFTC for digital asset commodities, give the SEC new client safety authority and lay the groundwork for accountable innovation throughout the digital asset ecosystem. For innovators, it’s a inexperienced gentle; for dangerous actors, a cease signal.
It additionally sends a strong message: the U.S. is able to compete. International locations all over the world are racing to draw crypto firms, expertise and capital. We can not afford to drive the subsequent wave of economic infrastructure abroad due to outdated legal guidelines or regulatory hostility.
Whereas the digital asset ecosystem is broad and various, Bitcoin stays its basis—our greatest probability to steer the world in constructing a decentralized financial system rooted in liberty and particular person sovereignty. This Congress, the BITCOIN Act was launched in each the U.S. Senate and U.S. Home of Representatives with the objective of clarifying Bitcoin’s standing beneath federal regulation, advancing efforts to responsibly combine it into our monetary system and selling its use as a safe and censorship-resistant reserve asset.
However laws like this doesn’t matter in concept—it issues in apply. And Michiganders are already paying consideration. Simply this yr, a bipartisan group of lawmakers in Lansing launched a sequence of pro-crypto payments to guard shoppers, promote transparency and create a “Cryptocurrency Invoice of Rights.” The state additionally launched the Michigan Cryptocurrency and Monetary Innovation Caucus to coach policymakers and help forward-thinking digital asset methods. This features a proposed state-run cryptocurrency reserve—a visionary method that would assist safe Michigan’s monetary future.
Wyoming has proven what’s attainable when sensible regulation meets innovation. The state has handed greater than 30 digital asset legal guidelines in recent times, establishing a complete framework for blockchain banks, digital property rights and tokenized finance. Michigan is now stepping up as a nationwide chief in its personal proper—and we couldn’t be extra inspired.
Nonetheless, main points stay unsolved in Washington. We should move a de minimis exemption to permit Individuals to make use of Bitcoin for small on a regular basis purchases with out triggering burdensome tax reporting. We should finish the double taxation of bitcoin—from mining to sale—and repair the Company Various Minimal Tax (CAMT) to make sure that bitcoin is just not penalized beneath the brand new regime. These aren’t area of interest points—they’re foundational to making sure Bitcoin can thrive as a software for freedom and inclusion.
What’s at stake is greater than only a new asset class. It’s the way forward for monetary sovereignty, nationwide competitiveness and innovation itself. America should lead the world in constructing a digital financial system that displays our values: transparency, particular person liberty and open entry.
The GENIUS Act is a significant victory—however it’s not the ultimate one. Within the months forward, we’ll proceed working to enact sensible, complete guidelines to manipulate how digital belongings are issued, traded, and controlled, handle crucial tax and regulatory points and make sure that the US stays the most secure and most trusted dwelling for Bitcoin and digital belongings anyplace on this planet.
We’re simply getting began—and we’re proud to have Michigan within the struggle.
