When Congress established the Securities and Exchange Commission in 1934, it was responding to myriad failures of an antiquated financial system. The regulatory architecture that emerged provided the foundation for nearly a century of American financial dominance. Today, Congress faces a comparable moment: the opportunity to modernize America’s financial infrastructure for the digital age.
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Two pieces of legislation now before lawmakers, the GENIUS Act on stablecoins and comprehensive market structure reform, represent more than incremental policy adjustments. Together, they constitute America’s response to a fundamental shift in how money moves around the world.
The stakes are considerable. The $240 billion stablecoin market, projected to reach $3.7 trillion by 2030,
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