As the House moves forward on the CLARITY Act, the Senate’s GENIUS Act, and the Anti-CBDC Surveillance State Act, the Milken Institute commends the bipartisan, bicameral collaboration on these landmark bills, which will establish much-needed regulatory guidance for the broader digital asset market structure and stablecoins, as well as safeguard the US financial system’s overall integrity.

“The Milken Institute is committed to supporting legislation that will build a workable regulatory framework to bring clarity and confidence to the digital assets market,” said Michael Piwowar, EVP of Finance, Milken Institute, in his recent testimony before the US House Committee on Agriculture. “The CLARITY Act crafts a framework that addresses market structure gaps, jurisdictional boundaries, and pathways for responsible innovation, thereby reinforcing the US financial system’s growth, competitiveness, and resilience.”

The passage of the Senate’s GENIUS Act would provide further regulatory clarity for stablecoins as they continue to become a critical component of global cross-border transactions, remittances, commercial payments, and instantaneous settlement. “Stablecoin issuers have historically operated in an environment with patchwork regulations that produce stablecoins of varying quality. The absence of an overarching regulatory framework poses real risks to our banking system, retail investors, and innovators,” said Nicole Valentine, FinTech director, Milken Institute. “The GENIUS Act would enable a safer, more transparent, and more trustworthy cryptocurrency market by implementing explicit reserve requirements, regular reporting, and consumer protections.”

The Milken Institute’s FinTech program looks forward to continuing to work with Congress to build a digital asset ecosystem that encourages innovation and fosters financial inclusion, access, and economic mobility.