As a retired banker, farmer, and state legislator, I have seen firsthand how financial policy shapes the strength of rural communities. Congress is now considering the Digital Asset Market Clarity Act, which offers a necessary and responsible step forward.

The Act establishes clear standards for stablecoins – digital assets already used by millions. It sets rules for reserves, disclosures, and oversight, and brings order to a sector that has operated without consistent guardrails. For states like North Dakota, where financial stability and predictability matter, this is long overdue.

We must also acknowledge the competitive pressures stablecoin issuers create. Large national providers may offer rewards that draw deposits away from small community banks. These institutions finance local businesses, support agriculture, and reinvest in the towns they serve. No national platform can replace that relation-ship driven model.

Without a federal framework, stablecoin activity will continue expanding in ways that are harder to monitor and more disruptive to community banking. With clear rules in place, innovation can occur in the open – and small banks will not be blindsided by unregulated products offering incentives they cannot safely match.

Supporting the CLARITY Act is not about choosing digital assets over community banks. It is about recognizing that stablecoins are already part of today’s financial landscape and ensuring they operate under the rules that protect consumers and allow states like ours to respond thoughtfully to emerging risks.

Congress should move forward. North Dakota’s communities deserve a financial system where innovation and local stability can coexist.