Crypto Lobbyists Resist Banking Industry’s GENIUS Stablecoin Law Proposal
In the wake of the recent passage of the GENIUS Act, a new law regulating stablecoins, tensions have emerged between traditional banking associations and cryptocurrency advocacy groups.
While the US banking associations representing all fifty states have raised alarms about potential vulnerabilities in the law, two crypto organizations, the Blockchain Association and the Crypto Council, have pushed back against proposed changes.
Crypto Advocates Warn Against Uncompetitive Environment
In a joint statement, the Blockchain Association and the Crypto Council expressed their strong opposition to the letters issued on August 12, 2025, by the Bank Policy Institute and various state bankers associations.
These letters aim to revisit issues…
