A long-simmering struggle between the crypto and bank industry spilled out into the open this morning, with crypto advocates accusing banks of trying to limit the profitability of stablecoins through amendments to the GENIUS Act.
The Blockchain Association launched a public campaign to “Defend the GENIUS Act.” And in a letter addressed to congressional leaders like Senate Banking Committee Chair Tim Scott (R-S.C.), CEO Summer Mersinger warned that GENIS should be considered “settled law.”
Attempting to tweak parts of the GENIUS Act is just one of the things the Senate is weighing as it legislates on market structure reform. As we’ve written elsewhere, the ink on GENIUS hasn’t dried yet.
