Washington, DC –Today, U .S. Representative Young Kim (CA-40) spoke in support of the STABLE Act (H.R. 2392), a bipartisan bill that would create a framework for stablecoin providers and consumers to promote innovation and safety.
Rep. Kim is an original cosponsor of the bill.
Watch Rep. Kim’s remarks HERE or read her speech below.
Thank you, Chairman Hill, for recognizing me to speak on this important piece of legislation.
I am proud to be an original cosponsor of the bipartisan STABLE Act and believe that it builds upon our long-standing principle of fostering innovation in America and sharing it with the world.
This principle has endured for decades across Republican and Democratic Administrations, and it has repeatedly been reaffirmed in bills passed by Congress.
As I have met with industry experts and consumers, I am always left with one takeaway: blockchain technology is the key to promoting social good here at home and internationally.
Over the last two years, we have heard examples of stablecoins that reduce cross-border transaction fees by over 14 times.
As a result, U.S. aid can be delivered more efficiently, and we can better uphold American values and interests around the world.
Domestically, President Trump has made it clear that he wants to see the federal government take advantage of digital payments.
Stablecoins could enable us to deploy aid to wildfire-afflicted communities in Southern California faster and with greater transparency.
There are benefits of stablecoins for our country that we have not even begun to explore.
That is why I was pleased to see the inclusion of an impact study in the Amendment in the Nature of a Substitute offered today.
The report that will be produced from the impact study will provide key findings on domestic and cross-border payments, benefits that stablecoins could bring to the global south, and how to reinforce the role of the U.S. dollar as the world’s reserve currency.
At the end of the day, the STABLE Act is focused on answering the question of how we build jobs and investment in America and spread American values across the world.
Mr. Chairman, let me add one other point: the story of this country is the innovation sparked in garages and classrooms.
Those of us in California have witnessed it firsthand with all of the innovative companies that call our state home.
The state charter pathway that is included in this bill would preserve that innovation by giving small companies access to a regulator tailored to their risk and size.
I know some may fear the preparedness of state regulators to handle the stablecoin industry. However, these state regulators will work in lockstep with the Treasury Department to ensure that their regulatory frameworks are certified as consistent with those at the federal level.
This dual pathway will be critical to fostering the type of innovation that has come to define our country.
Mr. Chairman, I want to thank you and Mr. Steil for the hard work that you have both done on this legislation.
I urge my colleagues to support this measure, and I yield back my time.
