Скачать или смотреть Crypto Industry Groups Push Back Against Bankers' Attempt to Rewrite GENIUS Act

The crypto industry is rallying against Wall Street bankers' efforts to amend the Guiding and Ensuring National Innovation for US Stablecoins (GENIUS) Act. Two prominent crypto advocacy groups, the Crypto Council for Innovation (CCI) and the Blockchain Association, have jointly urged lawmakers to reject the proposed revisions, arguing that they would unfairly favor traditional banks and stifle innovation in the stablecoin sector.
Key Concerns with the Proposed Revisions
Restricting Interstate Commerce: The banking lobby wants to repeal a clause that allows subsidiaries of state-chartered institutions to conduct stablecoin business across state lines without additional licenses. Crypto groups argue that this would recreate a fragmented regulatory regime, hindering interstate commerce.
Yield-Bearing Stablecoins: Bankers claim that the GENIUS Act's ban on stablecoin issuers offering yield could be circumvented by allowing exchanges or affiliates to offer yields on their behalf. Crypto advocates counter that payment stablecoins are not bank deposits, money market funds, or investment products, and thus should not be regulated similarly.
Potential Impact on the Financial System
Stablecoin Growth: The total market cap of stablecoins currently sits at $288 billion, a fraction of the US dollar money supply, which is approximately $22 trillion. Yield-bearing stablecoins have distributed over $800 million in total returns to holders so far.
Bank Deposits: Bank groups warn that yield-bearing stablecoins could drain deposits from community banks, threatening the flow of credit to households and businesses. However, crypto advocates argue that there is no significant link between stablecoin growth and bank outflows ¹.
What's Next for the GENIUS Act
The GENIUS Act has gained bipartisan support, with some Democrats adding stronger consumer and anti-fraud provisions to the bill. However, critics argue that it lacks sufficient safeguards and may benefit large tech companies at the expense of smaller players. The future of the bill remains uncertain, with potential amendments and delays possible

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