The DC trad-fi vs crypto fight has gone mainstream pitting the bank lobbying behemoth vs the upstart but well funded crypto industry. Interesting the banks chose to dig their heels on changing a bill they endorsed just a few months ago, but hey, it’s a bold strategy Cotton…
Banks claim stablecoins will drain deposits and harm lending, but there’s no evidence supporting this. Bank attacks on the bipartisan GENIUS Act and on @POTUS’s crypto agenda aren’t about stability—they’re about protecting $187B in payment fees. Stablecoins modernize payments and save consumers billions. Congress should focus on promoting innovation and competition - this is good for consumers, for economic growth and for the banks who want to innovate. GENIUS is now law, it’s time for banks to stop fighting the last war.

Sep 16, 2025 · 1:48 PM UTC

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Replying to @RonwHammond
Because they don’t want competition for deposits that exchanges like Coinbase and Kraken provide with stablecoin rewards. They can’t succeed, they must be stopped!