Crypto Groups Push Back Against Bank Lobbying

[johnblockbuster]

Crypto industry groups have pushed back strongly against calls to tighten the GENIUS Act. The Crypto Council for Innovation and the Blockchain Association argue that payment stablecoins are not used to fund loans and should not be treated like bank savings accounts.

They warn that expanding the prohibition to exchanges and affiliates would limit consumer choice and stifle innovation in digital payments. As Congress debates broader crypto market structure legislation, the clash highlights a growing divide between traditional banks seeking deposit protection and crypto firms pushing for flexible, competitive financial rails.

[lingriiddd]

stablecoins not being used for lending is kinda the whole point tho