The writer is senior counsel at Willkie Farr & Gallagher, co-founder of the Digital Dollar Project and former chair of the US Commodity Futures Trading Commission
The US Senate last week advanced a major cryptocurrency regulation bill called the Genius Act on a bipartisan vote. It is an effort to establish the first regulatory framework for issuers of stablecoins — digital tokens pegged to fiat currencies such as the US dollar.
This bill is important because the US dollar remains the world’s premier instrument for payments and trade across a wide range of interconnected global infrastructures and networks. It is perhaps the most extensive network in human history. And it promotes the enduring virtues of free enterprise and economic expression against both government and commercial censorship, and control.