GENIUS Is Settled Law.
Don’t Let Banks Rewrite It.
Congress passed the GENIUS Act with overwhelming bipartisan support. It’s working — delivering strong safeguards, consumer protection, and American leadership in digital assets. But now Big Banks are spreading myths to protect their turf. Here are the facts.
Myth vs. Fact
MYTH:
Stablecoins will drain trillions from community banks.
FACT:
A July 2025 CRA study found no statistically significant link between stablecoin growth and community bank deposit losses. Most reserves remain in banks or Treasuries, supporting credit markets.
MYTH:
Stablecoins undermine financial stability.
FACT:
GENIUS ensures every stablecoin dollar is backed 1:1 by cash or short-term Treasuries. Issuers face robust licensing, supervision, and transparency rules.
MYTH:
Interstate stablecoin activity is risky.
FACT:
Section 16(d) allows state-chartered subsidiaries to operate seamlessly across state lines. Repealing it would recreate a fragmented patchwork regime that stifles commerce and innovation.
MYTH:
Banks already give consumers fair returns.
FACT:
Even with Fed rates above 4%, the average savings account pays only ~0.39% and checking accounts ~0.07%. Stablecoin holders can earn yields tied to market rates, forcing banks to compete.
Stablecoins Aren’t a Risk — They’re an Upgrade.
Stablecoins provide 24/7 settlement, lower transaction costs, and expand credit markets. GENIUS ensures consumer protection and market stability while keeping innovation here in America. Rolling it back would weaken U.S. leadership and hand advantage to foreign competitors.
Defend the GENIUS Act.
Read the Letter
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