Bitcoin and Digital Asset Clarity Is Essential for Our Financial Future

In recent weeks, Congress has made historic strides toward securing America’s leadership in digital asset innovation. With the passage of the GENIUS Act, we’ve taken a major step toward ensuring that this emerging sector operates under clear, consistent rules—rules that protect consumers, encourage responsible innovation and strengthen national security. But make no mistake: this is just the beginning.

As leaders who bring complementary perspectives—one from years shaping financial policy in the U.S. Senate, the other from decades in national security—we share a conviction: the United States must lead on Bitcoin and digital asset innovation. Clear, responsible rules will unlock economic opportunity, preserve privacy and protect against illicit finance. Washington’s approach must be rooted in both freedom and security—and we’re committed to advancing that balance.

The GENIUS Act represents a major step forward in establishing guardrails for stablecoins—digital tokens backed 1:1 by dollars or dollar equivalents. It creates a clear pathway for both state and federal oversight, ensures stablecoin issuers meet transparency and reserve requirements and protects consumers without stifling innovation. With stablecoins playing an increasingly important role in global finance, this bipartisan bill gives the U.S. a competitive and credible framework to lead.

Broader market structure reform is also essential. Congress must provide long-overdue clarity to the industry by distinguishing between digital assets that are securities and those that are commodities. Bills like the Lummis-Gillibrand Responsible Financial Innovation Act grant primary jurisdiction to the CFTC for digital asset commodities, give the SEC new consumer protection authority and lay the groundwork for responsible innovation across the digital asset ecosystem. For innovators, it’s a green light; for bad actors, a stop sign.

It also sends a powerful message: the U.S. is ready to compete. Countries around the world are racing to attract crypto companies, talent and capital. We cannot afford to drive the next wave of financial infrastructure overseas because of outdated laws or regulatory hostility.

While the digital asset ecosystem is broad and diverse, Bitcoin remains its foundation—our best chance to lead the world in building a decentralized monetary system rooted in liberty and individual sovereignty. This Congress, the BITCOIN Act was introduced in both the U.S. Senate and U.S. House of Representatives with the goal of clarifying Bitcoin’s status under federal law, advancing efforts to responsibly integrate it into our financial system and promoting its use as a secure and censorship-resistant reserve asset.

But legislation like this doesn’t matter in theory—it matters in practice. And Michiganders are already paying attention. Just this year, a bipartisan group of lawmakers in Lansing introduced a series of pro-crypto bills to protect consumers, promote transparency and create a “Cryptocurrency Bill of Rights.” The state also launched the Michigan Cryptocurrency and Financial Innovation Caucus to educate policymakers and support forward-thinking digital asset strategies. This includes a proposed state-run cryptocurrency reserve—a visionary approach that could help secure Michigan’s financial future.

Wyoming has shown what’s possible when smart regulation meets innovation. The state has passed more than 30 digital asset laws in recent years, establishing a comprehensive framework for blockchain banks, digital property rights and tokenized finance. Michigan is now stepping up as a national leader in its own right—and we couldn’t be more encouraged.

Still, major issues remain unsolved in Washington. We must pass a de minimis exemption to allow Americans to use Bitcoin for small everyday purchases without triggering burdensome tax reporting. We must end the double taxation of bitcoin—from mining to sale—and fix the Corporate Alternative Minimum Tax (CAMT) to ensure that bitcoin is not penalized under the new regime. These aren’t niche issues—they’re foundational to ensuring Bitcoin can thrive as a tool for freedom and inclusion.

What’s at stake is more than just a new asset class. It’s the future of financial sovereignty, national competitiveness and innovation itself. America must lead the world in building a digital economy that reflects our values: transparency, individual liberty and open access.

The GENIUS Act is a major victory—but it’s not the final one. In the months ahead, we’ll continue working to enact smart, comprehensive rules to govern how digital assets are issued, traded, and regulated, address critical tax and regulatory issues and ensure that the United States remains the safest and most trusted home for Bitcoin and digital assets anywhere in the world.

We’re just getting started—and we’re proud to have Michigan in the fight.