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Mr. President, today is a day I have been working toward for over 4 months. After months of intense negotiations, we are minutes away from passing the GENIUS Act, Senator Bill Hagerty's legislation that will be a first step toward modernizing the American payment system and integrating digital assets into the U.S. economy in a responsible way. I want to congratulate my friend Senator Hagerty for this achievement and thank him for his incredible leadership on this bill. He has been a true ally of the digital asset industry, and I am so proud to have worked with him on his GENIUS Act over the past few months. Since 2017, Wyoming has been on the forefront of digital asset policy, long before it was popular or politically expedient. In Wyoming, we recognized early on what the rest of the country is beginning to understand: that digital assets are a force for good and that you can have both responsible innovation and consumer protection side by side. The GENIUS Act protects the dual banking system and gives stablecoin issuers a real choice between State and Federal charters, preserving the innovative spirit that has also made States like Wyoming leaders in this space while also ensuring we have robust oversight when necessary. This legislation is also about economic security and opportunity. It protects the U.S. dollar's role as the world's reserve currency by ensuring that dollar-backed stablecoins remain strong and reliable. Most of all, it ensures American consumers and businesses can participate in the digital economy with confidence and security. The sobering reality is that even while we have been negotiating, other nations have been hard at work offering their own frameworks and encouraging the digital asset industry to call their respective countries home. America's role as the global financial services leader is a privilege, not a right, and we must innovate to compete with other nations that want to attract American businesses. This is only the first step. Congress must pass comprehensive market structure legislation in the coming months that draws the line between a security and a commodity and creates a pathway for digital asset exchanges to register with the Commodity Futures Trading Commission. Working on this legislation has begun in earnest, and in the coming weeks, the Senate will begin to hold hearings and release draft legislation on this critical topic. I look forward to working with Chairman Scott, Leader Thune, and Senator Tillis on getting market structure done this year. I am proud to deliver on President Trump's promise to lead the most pro-digital asset administration in our history. He understands that making America the crypto capital of the world isn't just good policy; it is an economic imperative. This legislation proves that when we work together, we can craft solutions that protect consumers without sacrificing innovation. The time for hesitation has passed. The time for leadership is now. I want to thank Leader Thune and Chairman Scott for their unwavering commitment to getting this critical piece of legislation across the finish line. I want to thank my colleagues and our staff for the absurd number of hours that we spent in windowless rooms over the last weeks to bring this bill to the finish line. It is not too late for America to show the world that our Nation doesn't just adapt to change; we lead it. Let's get GENIUS passed and secure America's financial future. I yield the floor. I suggest the absence of a quorum. The PRESIDING OFFICER. The clerk will call the roll. The assistant bill clerk proceeded to call the roll. Mr. HAGERTY. Mr. President, I ask unanimous consent that the order for the quorum call be rescinded. The PRESIDING OFFICER. Without objection, it is so ordered. Mr. HAGERTY. Mr. President, today, on a bipartisan basis, the Senate will pass its first major digital asset legislation ever--the GENIUS Act. With this bill, the United States is one step closer to becoming the global leader in crypto. The GENIUS Act establishes a pro-growth regulatory framework for payment stablecoins. This bill will cement U.S. dollar dominance; it will protect customers; it will drive demand for U.S. Treasurys; and it will ensure that digital asset innovation happens in the United States of America, not abroad. With GENIUS, the value of stablecoins will be pegged to the U.S. dollar and backed one-to-one by cash and short-term U.S. Treasurys. This will provide certainty and confidence for more wide-scale adoption of this transformational technology. By combining the dollar's advantages with the speed and the efficiency of blockchain technology, the GENIUS Act facilitates traditional finance's adoption of crypto and ushers in a new era in payments. The prospect of faster and cheaper payments will have far-reaching implications for our financial system. Once the GENIUS Act is law, businesses of all sizes and Americans across the country will be able to settle payments nearly instantaneously rather than waiting for days or sometimes even weeks. Put simply, stablecoins are a paradigm- shifting development that can bring our payment system into the 21st century. This legislation establishes procedures for issuing stablecoins; it designates clear roles for Federal and State regulators; it implements standards for consumer protection; and it includes strong safeguards to deter illicit activity. Protections show that with the passage of GENIUS, stablecoin issuers could become the world's largest holders of U.S. Treasurys by 2030. Such an outcome would enhance our fiscal resilience, and it will cement the U.S. dollar's dominance as the global reserve currency. The positive implications of this legislation are hard to overstate. Today will be remembered as an inflection point for innovation in the United States of America. I would like to thank my colleagues for supporting this legislation. Particularly, I would like to thank Leader John Thune and Senators Scott, Lummis, Gillibrand, and Alsobrooks for helping to get this legislation across the finish line. I would also like to thank our wonderful staff, particularly calling out Luke Pettit, Chris Land, Catherine Fuchs, Bill Rockwood, Nick Larsen, and Chris Toppings, all of whom have put in effort night and day to make certain that this legislation is a success. I look forward to getting the GENIUS Act signed into law in very short order. Congressional Record, Volume 171 Issue 104 (Tuesday, June 17, 2025) EXECUTIVE CALENDAR