The bankers and their allies in the US Senate are pushing back against the guidance and establishment of national change for US Stablecoins (Genius) acting on fears that Stablecoins will reduce banks and erase the banking market sharing.
According to a article From the American Banker, the bill requires 60 votes to be passed to the Senate, which means at least seven democrats have to vote for Republicans to push by law.
It can prove a difficult proposal, such as US senator Elizabeth Warren, one of The stable crypto politics criticssuggests an amendment that prohibits tech firms from issuing stablecoins. Warren wrote:
“If these firms want to engage in payments, they must partner with, or facilitate transactions with, controlled financial institutions. But this Stablecoin bill destroys that status through the green lighting of large tech companies and other commercial conglomerates to issue their own stablecoins.”
Digital assets continue to be a disturbing financial and banking force Due to the near instant settlement time and cheaper transaction fees, which will significantly reduce the burden of cross-border payments and introduce peer-to-peer transactions.
Page One in the Genius Act of 2025. Source: US Senate
Related: Genius Stablecoin Bill is a CBDC Trojan Horse – Defi Exec
Stablecoins: The way forward for USD in the 21st century?
Genius Stablecoin Bill is Senator Bill Hagerty introduced On February 4 as a comprehensive regulation framework for the tokenized US dollar.
Shortly after the bill was introduced to the US Senate, Federal Reserve Bank Governor Christopher Waller said not banks should be allowed to issue stablecoins.
Waller Argued Stablecoins can expand cases of payment use, especially in the development of the world, due to their saving cost and efficiency.
Stablecoin fees compared to legacy payment processing solutions. Source: Simon Taylor
Bank of America’s CEO Brian Moynihan told an audience at the Economic Club of Washington DC that the bank was Stablecoin’s business can be entered -They launching its own stable dollar token.
During the first White House Crypto Summit on March 7, Treasury Secretary Scott Bessent said the US Use stablecoins to expand US dollar dominance.
The overcollateralized stablecoin that provided has included the 18th largest buyer of US government debt in the world -the placement of these firms ahead of countries such as Germany and South Korea.
By adopting pro-stablecoin policies and promoting the use of stablecoin worldwide, the US government can use stablecoins as a sponge to soak in inflation and protect dollar status as global currency reserve.
