Financial Innovation Caucus

This week, @cdixon joined the Financial Innovation Caucus for a bipartisan discussion about the importance of crypto assets and the need for the U.S. to be a world leader in regulatory clarity for crypto assets.

Financial innovation is opening the door for more women to work in finance and equipping women and girls across the country with the tools and knowledge to own their fiscal future.   Thanks to @engageforwomen and @ylanmui for joining our latest event.

Glad to have folks from @The_DTCC and @Digital_Dollar_ join us at the @FinancialCaucus luncheon this week. They are working to make payments faster, cheaper, and more secure through Project Lithium.

Web3 is the next big thing, yet there is so much we don’t know about it. We were glad to host the Web3 Working Group at our luncheon this week to learn more about this space.

Great gathering at our staff briefing this week. Thank you to @FinanceHammer for speaking with us about crypto winter and how good regulation can protect consumers in future market downturns.

We hosted another great lunch & learn exploring the future of digital identity. Industry experts gave insight into how digital identity is the foundation for the digital asset ecosystem. Thanks to David Puth, Rod Boothby, Kay Turner, Jamie Danker, and Linda Jeng for joining us!

Thank you to The @Heritage Foundation for inviting me to join their panel on “Bitcoin and the American Experiment.” So great to join @CaitlinLong_ and @saylor to discuss the future of Bitcoin in our American financial system.

Digital assets are here to stay. This technology creates opportunities for nearly every sector in our economy. It reduces clearing time for transactions, it opens up opportunities for the unbanked, and creates new potential for businesses and jobs around the country.

My statement on President Joe Biden’s executive order on digital assets today:

Proud to join my colleagues @SenLummis and @SenatorSinema on the Senate @FinancialCaucus. It has never been more important to modernize the U.S. financial system, and I look forward to using my experience to move this bipartisan effort forward.

Most importantly, as the report notes, Congress will ultimately decide whether we should create a US CBDC. I encourage you to submit comments to the Fed on a potential CBDC by May 20, 2022 here. federalreserve.gov/apps/forms/cbdc

I’m genuinely undecided whether there is a legitimate need for a CBDC when we have stablecoins, and I look forward to working with Chair Powell and Governor Brainard to figure this out.

I’m encouraged that the Fed recognizes what I’ve said all along, that “protecting consumer privacy is critical” in a CBDC. Here’s what I said about CBDCs and stablecoins on the Senate floor in September. congress.gov/congressional-…

The Federal Reserve rightly acknowledges that digital assets are here to stay.

I’m pleased the Federal Reserve released their long-awaited report on central bank digital currencies this afternoon. Here’s a quick thread of my thoughts. federalreserve.gov/publications/f…

Unfortunately I was not able to join today’s @BankingGOP hearing because of illness but I’m a firm believer that stablecoins are important to America’s financial future. I look forward to working with my colleague @SenToomey to put in place a common sense regulatory framework.

Arriving soon … An opening salvo in support of the coming age of financial freedom and individual sovereignty 🇺🇸

We need to be fostering innovation, not stifling it, if we are going to maintain America’s position as the global financial leader. lummis.senate.gov/press-releases…

“Stablecoins must be 100% backed by cash and cash equivalents, and this should be audited regularly.” - @SenLummis bloomberg.com/news/articles/…

Smart regulation fosters innovation. I founded the @FinancialCaucus to: ➡️ Protect consumers ➡️ Empower entrepreneurs ➡️ Pave the way for regulation that enables the next generation of Americans to thrive wsj.com/articles/how-t…