Washington, D.C. – Christopher Appel, Director of Banking Policy at Better Markets, issued the following statement alongside a comment letter noting significant concerns with the Federal Deposit Insurance Corporation’s (FDIC) proposal to bring stablecoins into the mainstream banking system: 

“The FDIC’s reckless GENIUS Act proposal would import all the volatility and illicit finance risks of the crypto market into the United States’ federally insured banking system without the strong rules necessary to apply prudent standards to these risky products. Everyday Americans will be left with false confidence that stablecoins can act as a safe substitute for real dollars, and…