Rushmore State News

U.S. Senate Majority Leader John Thune (R-S.D.) addressed the Senate following President Trump's signing of the GENIUS Act, described as the first major digital assets bill in American history.

Thune highlighted that the GENIUS Act establishes a regulatory framework for stablecoins, which are digital assets pegged to traditional currencies like the U.S. dollar. According to Thune, "$250 billion in stablecoins is in circulation today – up 22 percent just this year. On an average day, around $100 billion in transactions is executed using stablecoins. And the vast majority of those stablecoins are backed by the U.S. dollar."

He noted that stablecoins provide both speed and security through blockchain technology while maintaining price stability similar to cash. Thune emphasized that this development could strengthen the dollar and benefit the broader economy.

The new law introduces consumer protections and regulatory clarity for stablecoin issuers, aiming to promote innovation within the United States while ensuring accountability and compliance with existing financial laws. "After years of stablecoins operating in a legal gray zone … the GENIUS Act finally lays out a clear regulatory framework," Thune said.

The act also includes measures to prevent misuse of stablecoins by requiring issuers to adhere to standards set by the Bank Secrecy Act, including monitoring suspicious activity and complying with sanctions.

Thune referenced recent reporting indicating concerns from China about how U.S.-backed stablecoins could reinforce dollar dominance globally, suggesting that "the GENIUS Act is already helping our country secure American leadership in this important space."

He acknowledged ongoing efforts by Senators Lummis, Hagerty, and Scott on further digital asset regulation, stating that future steps should build on the GENIUS Act's approach.

"Mr. President, digital assets are the future," Thune concluded. "And we’re going to continue working to make sure that that future is American-made."