In current 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 serious step towards making certain that this rising sector operates underneath clear, constant guidelines—guidelines that shield shoppers, encourage accountable innovation and strengthen nationwide safety. However make no mistake: that is just the start.
As leaders who convey 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 shield towards 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 serious 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 necessary function in international finance, this bipartisan invoice offers the U.S. a aggressive and credible framework to steer.
Broader market construction reform can be important. Congress should present long-overdue readability to the business by distinguishing between digital belongings which can be securities and people which can be commodities. Payments just like the Lummis-Gillibrand Responsible Financial 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 mild; 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 We can’t afford to drive the subsequent wave of monetary infrastructure abroad due to outdated legal guidelines or regulatory hostility.
Whereas the digital asset ecosystem is broad and numerous, 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 underneath 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 idea—it issues in follow. 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 Financial 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 potential when sensible regulation meets innovation. The state has handed greater than 30 digital asset legal guidelines lately, 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 People 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 underneath 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 serious victory—but it surely’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, tackle important tax and regulatory points and be sure that the US stays the most secure and most trusted residence for Bitcoin and digital belongings anyplace on this planet.
We’re simply getting began—and we’re proud to have Michigan within the struggle.