For 80 years, one of America's greatest advantages has been the dollar and the financial plumbing that moves it worldwide, granting Washington unmatched economic leverage and oversight. Now, blockchain networks and dollar-backed stablecoins are reshaping finance, with settlement volumes rivaling major card companies—mostly in dollars. The US must set the terms of this new infrastructure or leave the job to rivals.

China understands the stakes, investing in state-directed payment systems designed to sidestep American supervision. The Clarity Act before the Senate is not merely a financial services bill; it is a national security bill. Regulatory ambiguity doesn't slow new technology—it pushes builders offshore, beyond US law and law enforcement, blinding us to risk.

The Clarity Act reverses this by bringing digital-asset activity onshore under a regulated framework, with strong illicit-finance tools. It applies Bank Secrecy Act AML/KYC obligations to exchanges and brokers, and extends Treasury's section 311 special-measures authority to digital assets—targeting North Korea, criminal syndicates, and sanctioned regimes. This is a net gain for law enforcement.

Crucially, the Act keeps innovation on American soil, mirroring how the US dominated the internet through entrepreneurial competition. Legislation is durable, unlike executive guidance. The Senate should pass the Clarity Act and send it to the president's desk.