The Senate Must Finish the Job on America’s Pro-Crypto Future—Emmer, Begich

President Trump ran and won on a bold promise: to make America the global capital of cryptocurrency and blockchain innovation. Now, with a Republican House, a Republican Senate, and a Republican President, we have both the mandate and the responsibility to deliver.

Last week, we made historic progress. President Trump signed into law Senator Bill Hagerty’s Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act—a landmark bill that cements a federal framework for dollar-backed digital assets. These payment stablecoins, pegged to secure assets, now have clear rules that promote transparency, protect consumers, and boost demand for U.S. Treasuries—all while reinforcing the dollar’s position as the world’s most foundational transactional currency.

The GENIUS Act is a major win for American leadership in digital finance. But, on its own, it’s not enough.

To secure the full promise of stablecoins—and of American crypto innovation more broadly—the Senate must also pass Chairman French Hill’s Digital Asset Market Structure Clarity (CLARITY) Act, which just passed the House.

These two bills are complementary: GENIUS establishes the rules for stablecoins; CLARITY delivers the broader market structure that distinguishes digital commodities from traditional securities and clearly defines the regulatory roles of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).

Without the CLARITY Act, the rules governing digital assets will remain fragmented, confusing and vulnerable to politicization. Under the Biden administration, that ambiguity was weaponized—resulting in regulatory overreach, stifled innovation, and an exodus of talent and capital overseas.

President Trump is reversing course, embracing a vision of American-led digital innovation—through executive action, a call for bitcoin reserves, and by working with the most pro-crypto Congress in U.S. history.

But without legislative clarity, that progress is at risk. FTX—the most spectacular crypto fraud in history—happened outside the U.S. precisely because early regulatory uncertainty pushed innovators offshore. The lesson is clear: without clear rules of the road, the result is chaos abroad and missed opportunity at home.

The CLARITY Act provides the roadmap we need to keep the digital asset economy rooted in the U.S., with smart regulation that matches the technology’s unique characteristics. It will not only protect consumers and investors—it will also position the U.S. as a global leader, using financial innovation as a diplomatic asset.

Central bank surveillance

There’s another critical frontier the Senate must address: protecting Americans from surveillance-driven central bank digital currencies (CBDCs).

While other nations embrace centralized digital currencies as tools of control—none more chillingly than the Chinese Communist Party—we must draw a firm line in defense of American freedom. That’s why the House passed the Anti-CBDC Surveillance State Act, which prohibits the Federal Reserve from issuing a CBDC. It’s a necessary safeguard, and we’re working to ensure its passage.

We cannot unleash a new era of innovation while leaving the door open for future administrations to turn that same technology against our own citizens.

The Senate must send the Anti-CBDC Surveillance State Act and the CLARITY Act to President Trump’s desk so that the United States doesn’t just participate in the digital asset revolution, but leads it.

This isn’t a Republican issue or a Democratic issue. It’s an American issue. Whether you’re from Minnesota or Alaska, whether you’re 18 or 80—when done right, this technology empowers individuals, strengthens financial sovereignty, and unlocks opportunity for all.

It’s the future. And now, we must finish the job.