The US dollar governance in the Internet financial system was the keynote of Circle President Heath Tarbert's speech at the hearing of the full committee of the House Financial Services Committee in early September. As the former Chairman of the CFTC and Assistant Secretary of the Treasury for International Markets, Tarbert raised the legislation of stablecoins and market structures to the level of the US dollar, national security, and next-generation payment infrastructure, to see how American practitioners use high-dimensional language to articulate their ideas and visions (there were also demands at the time to promote clear legislation). He may not agree with all of his views, but this perspective is worth considering: 1) The global role of the US dollar is a earned asset, not an inherent right - the proportion of global reserves has dropped from over 70% in the late 1990s to about 57% today; 2) The 'Dollar Rule' is not about monetary policy or sanctions, but about keeping the US dollar as the world's top choice 3) Enterprises are rebuilding financial channels with software: the Internet financial system (the Internet of money) is fast, always online, and settles in seconds; 4) AI agents will not stop for nights, weekends, and holidays. They need fast, programmable, and always online rails - and whoever builds rails writes the rules; 5) A system that can be priced in US dollars but governed by another country is a strategic risk. 1. What is the 'Dollar Rule' Tarbert defined "dollar statecraft" as not monetary policy or sanctions, but rather keeping the US dollar the world's top choice. Got it right, keeping borrowing costs low and continuing the economic leadership of the United States; If you make a mistake, you will lose your position. It is necessary to consciously utilize the credibility of American laws, markets, and institutions to keep the US dollar at the center of the value circulation system. 2. The system can be priced in US dollars but governed by someone else is Tarbert's strategic risk: a system can be priced in US dollars but governed by another country. The leadership of the United States means that the market should obey the disclosure rules of the United States, the trusteeship institution should be subject to the supervision of American inspectors, and the final result should be the final say by the American law, and this committee can hold the relevant parties accountable - all this cannot be guaranteed by the United States alone. 3. AI agents and 24/7 rails. Two years ago, the agent-based economy was just a concept; Today, software agents are already conducting transactions on behalf of individuals and businesses. They won't stop for nights, weekends, or holidays, they need fast, programmable, and always online rails. Tarbert's judgment is straightforward: whoever builds these rails, writes the rules - 'they should be American rails, American rules'. The core is that this economy should be built on the track of the United States, priced in US dollars, and governed by US laws. He used his 2018 push for CFIUS reform as an analogy: Back then, strategic competitors targeted emerging technologies with military applications, and the law had to be updated before the risk winning system. Today's theme is different, but the strategic choices are the same - the technological leadership of the United States is related to national defense and economic prosperity, and the law must keep up. The sentence that runs through the entire process was written by him as the chairman of the CFTC: "How we regulate is as important as what we regulate The same goes for the US dollar: its status does not depend on declaration, but on the quality of the laws and systems behind it. Whoever leads in this technology will ultimately write the rules of the game. The policy hierarchy that Tarbert really wants to promote: 1) Elevate GENIUS and CLARITY to the strategic level of "dollar governance" - not just managing the cryptocurrency industry, but determining whether the US dollar and US rules can still be at the core after the financial infrastructure is put on the chain. 2) Promote CLARITY to complete legislation - GENIUS is building a dollar layer, and the next step is to incorporate trading, custody, intermediation, customer protection, and market regulation into the federal framework. 3) Strictly implement GENIUS - block offshore arbitrage, cover intermediaries, and foreign countries must meet comparable standards. 4) Expand the policy perspective to the entire financial system on the blockchain - currency, securities, collateral, payments, settlements, and capital markets are all moving; The core of competition lies in the track of operation, governance power, and rule power. 5) Strengthening compliance with US infrastructure - including US dollar pricing, US laws, regulated stablecoins, institutional settlement networks, programmable finance, and AI agent payments. In his view, this is the US dollar governance in the Internet financial system: it is not a currency that is declared to be defended, but a set of financial systems that are governed by the laws of the United States, built by American enterprises and trusted partners, reliable enough, liquid enough, and useful enough, so the world continues to choose its financial system.