Rep. Dan Meuser, R-Pa., told Newsmax on Monday that the cryptocurrency legislation signed into law last week will help the United States regulate "a very, very important industry" that is fast-growing worldwide.
President Donald Trump signed the GENIUS Act on Friday, the first major piece of legislation concerning cryptocurrency passed in the United States, which creates a framework for issuing stablecoins, which are a type of cryptocurrency that are linked to the value of the U.S. dollar.
Meuser told "Wake Up America" in an interview that cryptocurrency is "a very, very important industry … and there was a tremendous amount of uncertainty within the industry" due to a lack of regulations.
"Here was an industry actually asking for regulation to bring that certainty to it," he added, saying that the legislation "allows stablecoins," which "are a specific type of digital asset," to be "backed by the dollar."
Meuser said, "So it's an asset. It's a currency, basically. I don't know if that's the correct word, but it's an asset that's backed by the dollar."
Meuser noted that "banks were very reluctant to get involved … with digital assets because of the uncertainty" surrounding "what it would be based upon."
The legislation making stablecoins backed by the dollar allows banks to "use it for payments … use it against their own assets, against their reserves. It's pegged against the dollar, as I said, but also the Treasuries, which is very important."
He said that Treasury Secretary Scott Bessent "feels that that's really going to help increase the demand of Treasuries, which in the end helps lower interest rates."
Meuser said the bill is "a really important step forward. Europe and a couple of other continents or countries had already established" similar regulations, "so, we needed to do this to gain all of that investment in basically a more efficient payment method and asset arena."
GET TODAY NEWSMAX+:
NEWSMAX is the fastest-growing cable news channel in America with more than 30 million people watching!
Reuters Institute reports NEWSMAX is one of the top news brands in the U.S.
You need to watch NEWSMAX today.
Get it with great shows from Rob Schmitt, Greta Van Susteren, Greg Kelly, Carl Higbie, Rob Finnerty – and many more!
Find the NEWSMAX channel on your cable system – Go Here Now
BEST OFFER:
Sign up for NEWSMAX+ and get NEWSMAX, our streaming channel NEWSMAX2 and our military channel World at War.
Find hundreds of shows, movies and specials.
Even get Jon Voight's special series and President Trump's comedy programs and much more!
Watch NEWSMAX+ on your smartphone or home TV app.
Watch NEWSMAX anytime, anywhere!
Start your FREE trial now: NewsmaxPlus.com
Theodore Bunker ✉
Theodore Bunker, a Newsmax writer, has more than a decade covering news, media, and politics.
© 2025 Newsmax. All rights reserved.