🧵 Today, on a bipartisan basis, the Senate passed its first piece of major legislation this Congress with my bill -- the GENIUS Act.   With GENIUS, the United States is one step closer to becoming the crypto capital of the world. (1/7)

The GENIUS Act establishes the first ever pro-growth regulatory framework for payment stablecoins. This bill will cement US dollar dominance, protect customers, increase demand for US treasuries, and ensure that innovation in the digital asset space is in the hands of the United States of America, not our adversaries. (2/7)

With GENIUS, the value of stablecoins will be pegged to the U.S. dollar and backed 1 to 1 by cash or short-term U.S. treasuries.   By combining the dollar’s advantages with the speed and efficiency of blockchain technology, the GENIUS Act facilitates trad-fi’s adoption of crypto and ushers in a new generation in payment processing.   The prospect of faster and cheaper payments will have far-reaching implications for our financial system. (3/7)

Once the GENIUS Act is law, corporations, small businesses, and individuals will be able to settle payments nearly instantaneously, rather than wait for days or weeks and accrue the fees that go with it. Put simply, stablecoins are a paradigm-shifting development that can bring our payment system into the twenty-first century. (4/7)

This legislation establishes procedures for issuing stablecoins, designates clear roles for federal and state regulators, implements standards for consumer protection, and includes strong safeguards to deter illicit activity. (5/7)

Projections show that with the passage of GENIUS, stablecoin issuers could become the world’s largest holders of U.S. Treasuries by 2030. Such an outcome would shore up our fiscal resilience and cement the U.S. dollar’s status as the global reserve currency. (6/7)

Today was a big win for the United States of America. I’d like to thank my colleagues for supporting this legislation. Particularly, I’d like to thank @LeaderJohnThune, @SenatorTimScott, @SenLummis, @SenGillibrand, and @Sen_Alsobrooks for helping to get this across the finish line. (7/7)