Richard Hudson, a representative from North Carolina, has expressed support for the GENIUS Act, stating that it will bolster the U.S. dollar’s standing and position America as a leader in cryptocurrency innovation. His statement was made on the social media platform X.
“House Republicans is making it clear: the era of regulatory chaos is over,” said Richard Lane Hudson, U.S. Representative from North Carolina. “Under President Trump’s leadership, we’re delivering clarity for innovators, protection for consumers, and freedom from Biden-era government overreach. The GENIUS Act brings order to the world of payment stablecoins — cementing the U.S. dollar’s role at the center of global finance and giving entrepreneurs the green light to build here at home. We’re answering President Trump’s call: America will be the crypto capital of the world.”
The GENIUS Act is part of broader discussions in the United States regarding cryptocurrency regulation, particularly focusing on stablecoin policy. According to the Wall Street Journal, lawmakers are considering proposals for federal oversight, reserve requirements, and coordination between states and regulators. These ongoing congressional discussions highlight concerns about consumer protection and financial innovation as the digital asset sector continues to grow rapidly.
According to CoinMarketCap and the U.S. Treasury, by mid-2024, the U.S. cryptocurrency market had surpassed $2 trillion in value, with stablecoins accounting for over $160 billion. This growth is attributed to institutional adoption and consistent year-over-year increases in digital payments and finance.
A report from the Atlantic Council in 2024 indicates that the U.S. regulatory approach to stablecoins is more fragmented compared to frameworks in regions like the European Union or Singapore. These areas have established clear licensing, reserve, and consumer protection rules that have led to increased adoption and stability. This situation adds pressure on Congress to clarify U.S. regulations.
Hudson serves as a Republican U.S. Representative from North Carolina’s 9th District and holds the position of House Republican Conference Secretary. He is an advocate for technological and cryptocurrency innovation, supporting flexible policies that promote growth in digital assets, as noted by Ballotpedia.
