The U.S. financial regulatory structure is a national asset. In the last decade, there has been a growing universe of financial activity thanks to digital assets and blockchains. That universe is about to expand again as artificial intelligence-driven financial products and services come online and need rails to run on. We need a bigger U.S. regulatory tent with clear rules of the road, inviting more capital and innovation to America under our supervision and standards.The smaller the tent, the more that activity moves offshore, on someone else’s terms. Seen this way, the question in front of Congress on digital assets was never whether to regulate. It’s whether America’s tent expands to capture this technology, or watches Russia and China build it first. One year ago, our nation ran an experiment. On July 18, 2025, Congress passed the Guiding and Establishing National Innovation for U.S. Stablecoins Act to broaden the regulatory tent to include stablecoins. The flight of innovation that skeptics predicted never came. The opposite did: stablecoins came onshore, and foreign issuers moved assets under U.S. supervision. At Anchorage Digital, we became the first federally regulated stablecoin issuer in the country and led this onshoring. This was proof that you could hold builders to a U.S. bank-grade standard and still let them build. Under the new law, the market didn’t shrink. It grew.