Today should have been--it should have been--a historic day for Americans, a historic day for working-class Americans, blue-collar Americans, to see their financial system democratized. Well, what does that mean? What it means is a day where single mothers like the one that raised me--the day becomes a little cheaper, things become a little more affordable.
Why? Because we were on the verge of doing something that would have made our markets safer and cheaper for everyday, working Americans across this remarkable land. But, instead, we witnessed a disappointing display of political gamesmanship that puts partisan politics above policy and obstruction above innovation.
We could have come together as Republicans and Democrats, not in a bipartisan way but in an American way, to deliver real change for the American people, real change embedded in the passing of the GENIUS Act. But not this day.
I know that this day was supposed to be special. It was supposed to be the day that America as a nation would rise to the occasion of innovation over regulation. It was supposed to be the day where we would come together in a nonpartisan way, Republicans working with Democrats, to make this Nation work better for the blue-collar comeback. It was supposed to be that day. But not this day.
I know what those on the other side would say. Let’s be brutally honest about it, though. The GENIUS Act was a bipartisan achievement at the Banking Committee. It was a bipartisan achievement because we took the time, hours upon hours. The Presiding Officer was there. We debated day in and day out for weeks and months before we ever had the hearing. We offered almost 80 amendments during the session in the Banking Committee. We voted on 40 amendments in the Banking Committee. We made the decision to make America’s economy safer and cheaper for the American people.
But when the lights came on and the cameras were watching, what did we see? We saw those same Democrat colleagues who recognized the urgent need to bring stablecoins into the clear, responsible, regulatory framework--we watched them take a step back and vote against the very bill they voted for, the bill they shaped. What changed? What changed? What changed? Not the substance. They got more of what they wanted than the last five iterations of the legislation. What changed was politics. Not policy, not the legislation, not the substance--politics.
Let’s be honest. What we saw today wasn’t a vote against the legislation. Several iterations--the Presiding Officer’s staff, my staff, and Democrats’ staff spent thousands of hours working on improving the bill; up until 2 a.m. last night, staff getting phone calls from Democrats about what they needed for the bill to pass.
It was a vote against President Trump and President Trump’s legislative agenda. It was a vote to stop President Trump from having a victory in the digital asset space. It was a vote against common sense--that simple.
Trump derangement syndrome has once again hijacked responsible governance in this Chamber, but unfortunately, unfortunately, it is the American people--they are the ones who lose. It is blue-collar, red-blooded Americans who pay the ultimate price of inaction in this Chamber brought about because of politics, not policy.
It frustrates me. It frustrates me to sit through hours of meetings. It frustrates me to watch people look me in my eyes and tell me: We are almost there; I just need one more thing. It frustrates me when my colleagues seem so sincere that they want the revolution of innovation to happen in America. It frustrates me to watch them turn their backs on the very people they say they represent. It frustrates me that the modern financial tools that make our economy not just faster but safer--safer because the blockchain technology makes it safer and more inclusive.
Entrepreneurs and developers want clarity so they can build here in the United States of America, not be pushed offshore into a regulatory environment that is confusing.
Let me close with this. The bill delivered on exactly what we all want: safety, consumer protections, AML, BSA. All the things that the Presiding Officer would want, that I would want, that they would want--we did it. We did it together. But there is something putrid.
It is hard to understand how my good friends could walk away from our priorities, that my colleagues on the other side of the aisle decided to chicken out on safety, on inclusion, and on democratization.
When the cameras were rolling and the stakes were high, we were left high and dry--not because of the policy but because the political landscape dictated, demanded that they deny the average American access on this day. This is exactly the kind of cynical Washington maneuvering that makes people sick to their stomach.
But I am proud of the work we have done. I am, frankly, proud of the work that my Democrat colleagues on the committee offered to make the bill better. I am proud of the fact that for a couple of hours in America’s Capital, we put partisanship to the side. We decided we would just do the right thing. I am proud that the Republican Party stood up and stood firm on innovation, stood strong on consumer protection, and we were there for national security.
I am not finished fighting. I am frustrated, but we are not defeated. We are simply delayed. We are not finished fighting. We will continue to work on the digital asset revolution that the American people voted for, that they deserve. The need hasn’t disappeared, and neither has our commitment to American leadership in the digital asset space.
To those who chose politics over progress today, the American people are watching.
