We write to you today to express our opposition to the GENIUS Act and the STABLE Act, as introduced in Congress this session. Stablecoins used either to facilitate investment activity on crypto exchanges or as tools for payments present a host of risks – run risks, contagion and financial stability risk, custody risks, credit risks, operational and cybersecurity risks, illicit finance, fraud, and many more. Consumers, investors and financial markets using stablecoins need safeguards that are comparable to those found in traditional finance, and that adequately address both the conventional and the novel risks associated with these crypto assets. These bills accelerate the convergence of Big Tech and Big Finance, dangerously commingling banking and commerce, and are a necessary prerequisite for future giveaways to the crypto industry.
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