Statement Summary
President Trump's signing of the GENIUS Act marks a significant advancement in the regulation of crypto assets and financial markets in the U.S. The Act is expected to enhance the country's financial infrastructure through blockchain technology, promoting efficiency, cost reductions, and transparency. It aims to establish clear regulations guiding the use of payment stablecoins, fostering confidence among market participants. This regulatory clarity is anticipated to facilitate transactions in the securities industry, aligning with President Trump's vision of making America the “crypto capital of the world.” The SEC is encouraged to engage with market participants to explore necessary adaptations, ensuring that the U.S. remains a secure and innovative environment for crypto investment.
Original Statement
President Trump’s signing the GENIUS Act is a monumental step forward for crypto assets, financial markets, and our country. As I have stated previously, blockchain and crypto asset technologies have the potential to revolutionize America’s financial infrastructure and deliver new efficiencies, cost reductions, transparency, and risk mitigation for the benefit of all Americans. Ensuring that the U.S. is the best and most secure place in the world to invest and do business requires clear rules of the road that allow market participants to adopt emerging technologies with confidence. President Trump and the entire Administration are sending a powerful message that America is ready to embrace crypto asset innovation.
The GENIUS Act provides necessary guidance for a crucial element of the emerging crypto asset ecosystem. Clear payment stablecoin regulation allows companies and individuals to transact in ways that boost efficiency and lower costs. Payment stablecoins will play a significant role in the securities industry moving forward, which is why I have asked SEC staff to consider whether guidance, rulemaking, or other steps may be helpful to accommodate SEC registrants utilizing payment stablecoins, including for settlement and margining. I invite market participants to engage with the SEC staff on what is needed for our securities markets to take advantage of the GENIUS Act’s full potential.
Today’s developments are a major milestone in achieving President Trump’s goal of making America the “crypto capital of the world.” The Trump Administration and Congress have thus far made terrific progress, and there is more work to do. The SEC will work diligently to consider any changes needed to achieve regulatory clarity. Together we will make America the center of crypto asset innovation and strengthen the financial markets for the benefit of all Americans.
