[Congressional Record Volume 171, Number 128 (Friday, July 25, 2025)]
[Extensions of Remarks]
[Pages E728-E729]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




               OPPOSING H.R. 3633, S. 1582, and H.R. 1919

                                 ______
                                 

                          HON. BETTY McCOLLUM

                              of minnesota

                    in the house of representatives

                         Friday, July 25, 2025

  Ms. McCOLLUM. Mr. Speaker, I rise in opposition to H.R. 3633, the 
Digital Asset Market Clarity Act. S. 1582, the Guiding and Establishing 
National Innovation in U.S. Stablecoins Act, and H.R. 1919, the Anti-
CBDC Surveillance State Act.
  While I am opposed to these three bills, I am not opposed to the 
concept of crypto itself.

[[Page E729]]

But I have concerns about how crypto is currently being regulated and 
the financial security of my constituents who invest or store their 
dollars in crypto. Rather than considering the three bills before us 
this week, Congress should consider legislation that puts guardrails in 
place to protect consumers, prevent fraud, and establish an effective 
regulatory framework for crypto. Instead, these H.R. 3633, S. 1582, and 
H.R. 1919 fall short of creating an effective regulatory framework, 
allow Big Tech and the Trump family to enrich themselves, and stifles 
innovation at the Federal Reserve.
  Now, Mr. Speaker, let me tell you a bit about what these three bills 
would do. H.R. 3633, which Republicans are calling the CLARITY Act, 
would carve the crypto industry out from current securities laws and 
regulations. This would continue to expose consumers to harmful crypto 
practices. Additionally, the CLARITY Act would not only enable 
conflicts of interest from Trump and his family through meme coins like 
$TRUMP, but it would also send the message that Congress approves of 
the way President Trump is selling access to the White House. That is 
why I joined Congressman Vindman in sending a letter to the House 
Committees on Financial Services and Agriculture expressing our serious 
concern that the CLARITY and GENIUS Acts, including dangerous carveouts 
for the President and Vice President from conflict-of-interest rules.
  S. 1582, the GENIUS Act, is a bipartisan attempt at establishing a 
framework for stablecoins--a type of cryptocurrency primarily used for 
trading crypto assets, transacting in goods and services, insulating 
against local currency instability, and sending payments across 
borders. While S. 1582 is a step in the right direction, it fails to 
establish an effective federal framework to regulate stablecoins. The 
bill also opens up a path for Big Tech and other commercial businesses 
like Meta, Amazon, and Walmart to amass consolidated power over both 
commerce and banking services. Each of these corporations are exploring 
starting their own stablecoins.
  Finally, H.R. 1919, the Anti-CBDC Surveillance State Act, would 
immediately halt and prohibit the United States from exploring the 
potential benefits of a central bank digital currency (CBDC). This bill 
would stifle innovation at the Federal Reserve as they research and 
develop ways to meet the evolving money and payments landscape, keeping 
the U.S. behind the starting line as other countries race ahead and 
compete to develop and implement CBDCs. As much of our transactions 
have moved away from using the physical dollar through the increased 
use of credit cards, mobile wallets, and cryptocurrencies, the Federal 
Reserve has been researching ways to innovate the U.S. dollar. Congress 
should not stifle the ability of the Federal Reserve to meet the needs 
of our evolving digital age.
  Mr. Speaker, rather than putting forward three bills that fail to 
make consumers safer and stifle innovation, Congress should instead 
consider a comprehensive regulatory framework for crypto that will 
promote the responsible development of these digital assets while 
protecting American consumers and investors. I urge my colleagues to 
reject H.R. 3633, S. 1582, and H.R. 1919.

                          ____________________