1/ I felt compelled to respond to the recent @FinancialTimes Editorial Board piece, “The rise and risks of stablecoins” – its characterization of stablecoins as inherently risky is alarmist and overlooks their economic potential, when properly regulated.

2/ Contrary to outdated comparisons to the 19th century, today's stablecoins under the GENIUS Act must be fully backed by cash, US Treasury securities, or bank deposits, ensuring rigorous consumer protections.

3/ The GENIUS Act isn't about deregulation – it's about smart, comprehensive oversight, enforcing strict reporting and compliance to minimize systemic risk.

4/ Stablecoins complement traditional banking by streamlining payments, cutting costs, and significantly boosting financial inclusion.

5/ Recognizing these benefits, numerous traditional financial institutions are already integrating stablecoins to enhance efficiency and competitiveness.

6/ Implying bipartisan support for stablecoins stems from speculative or "get-rich-quick" schemes is inaccurate and unfair.

7/ In fact, policymakers across both parties understand stablecoins' strategic importance to U.S. financial innovation – evident in the overwhelmingly bipartisan votes to pass GENIUS through both chambers of Congress.

8/ The GENIUS Act exemplifies balanced, forward-looking regulation, positioning the United States as a global leader in financial innovation, ensuring stability while fostering economic growth.

end/ Other nations would benefit by considering this thoughtful regulatory framework instead of prematurely dismissing the substantial economic benefits stablecoins offer.