I have not seen a perfect bill since I've been in Congress, but this is a pretty good bill. It's an important bill. Regulating stablecoins is long overdue at the federal level. But make no mistake, stablecoins aren't new. The New York Department of Financial Services has regulated stablecoins in the state of New York since 2018. They're time tested and proven and they've been stable. It's long overdue for us to provide federal legal clarity here. So why am I speaking in opposition to it? (00:31–00:38)
CLAIM
Asserts that New York has regulated stablecoins since 2018.
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