It has been almost one year since the passage of the crypto industry’s crowning legislative achievement thus far, the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, which means that the deadline set by Congress for federal regulators to submit their rules for implementation is rapidly approaching. Proponents of the GENIUS Act argue that it will provide a comprehensive regulatory framework for stablecoins, protecting consumers and investors.
But criticism continues to pour in from a group of unlikely bedfellows, namely, several prominent progressive lawmakers and banking industry groups worried about the dangers shaky stablecoin regulation poses to the traditional financial system.
