Blockchain Association has urged Congress to uphold the GENIUS Act, a bipartisan law that created the first U.S. framework for dollar-backed stablecoins. In a letter sent to Senate Banking Committee Chairman Tim Scott, Ranking Member Elizabeth Warren, House Financial Services Committee Chairman French Hill, and Ranking Member Maxine Waters, the group stressed that the GENIUS Act is established law and warned against efforts to reverse its provisions.
“GENIUS was a watershed moment – the first major digital asset legislation signed into law – and it demonstrates that innovation and consumer protection can go hand in hand,” said Summer Mersinger, CEO of Blockchain Association. “Stablecoins are not a threat to consumers or financial stability. They are an upgrade to a system that has long underserved Americans. Any attempt to weaken GENIUS would undermine U.S. leadership and drive innovation overseas at the very moment we are poised to lead.”
The letter emphasized several points: The GENIUS Act provides clear rules with one-to-one reserves, federal oversight, and transparency measures aimed at giving businesses confidence to operate in the U.S. It also notes that stablecoins can increase credit supply through blockchain-based lending, reduce transaction costs, and foster competition in financial services.
Additionally, Blockchain Association challenged concerns raised by large banks about potential risks such as deposit flight or impacts on credit markets. The group argued these claims lack supporting data and primarily serve to protect existing institutions rather than benefit consumers.
To further promote its message, Blockchain Association is launching an advertising campaign this week focused on defending the GENIUS Act and maintaining America’s position in digital asset innovation.
Blockchain Association represents cryptocurrency industry participants working toward national policies that support innovation in the crypto economy.
