Revisiting the GENIUS Act Poses Risks Without Benefits

GENIUS Act Overview: The GENIUS Act represents a rare bipartisan agreement in Congress aimed at establishing a stablecoin framework that protects consumers and supports innovation while reinforcing the dollar's global leadership.

Implementation Challenges: The implementation of the GENIUS Act is complex and will require significant time and public engagement, as regulators must define standards and requirements for stablecoin issuers.

Big Bank Lobby Concerns: The Big Bank lobby is attempting to amend the GENIUS Act to ban third-party rewards for stablecoin holders, which could undermine the competitiveness of the stablecoin industry and consumer benefits.

Call for Regulatory Process: The article argues that Congress should allow the regulatory process to unfold before making amendments to the GENIUS Act, ensuring that bipartisan agreements are respected and that the implementation is prioritized.