Congress is fast-tracking the GENIUS Act and the STABLE Act, two dangerous bills that would let Big Tech and Wall Street create their own stablecoins, with minimal oversight. This legislation would allow Elon Musk, Meta, or Amazon to become their own private banks, controlling digital money…
Congress is fast-tracking the GENIUS Act and the STABLE Act, two dangerous bills that would let Big Tech and Wall Street create their own stablecoins, with minimal oversight. This legislation would allow Elon Musk, Meta, or Amazon to become their own private banks, controlling digital money, collecting vast amounts of personal financial data, and even destabilizing the economy.
These bills are a dream come true for crypto speculators and corporate giants. They would allow companies like X (formerly Twitter) to launch their own stablecoins with no meaningful federal oversight posing massive risks to financial stability, consumer privacy, and fair competition.
If a major tech-issued stablecoin failed, it could trigger a market crash that would impact everyone, whether or not you’ve ever used crypto.
At the same time, crypto executives are actively working to weaken financial regulators and dismantle the Consumer Financial Protection Bureau (CFPB), the very agency that would protect people from payment fraud.
Don't let the fraud-ridden crypto industry cause market crashes or collapse the economy. Demand Congress vote no on current stablecoin legislation – the GENIUS Act and STABLE Act – before they create the next financial disaster.
SIGN and SEND
These bills also completely fail to protect consumers. Unlike traditional banks, stablecoin issuers would not have to follow longstanding guidelines that ensure banks serve the communities they profit from.
There are no clear rules for how stablecoin issuers must handle redemptions meaning they could impose excessive fees, long delays, or outright refuse to let people cash out. This could leave everyday consumers holding the bag in the next crypto crash.
The crypto industry is pouring money into lobbying to get these bills passed. But we know what happens when regulators give Wall Street and Silicon Valley too much leeway working people pay the price when their risky schemes collapse.
Congress must not put our economy in the hands of unregulated tech
n the GENIUS Act and STABLE Act now."
Mark Hays
Associate Director, Cryptocurrency and Financial Technology
"Stop Elon Musk from launching his own currency.
Congress is fast-tracking the GENIUS Act and the STABLE Act, two dangerous bills that would let Big Tech and Wall Street create their own stablecoins, with minimal oversight. This legislation would allow Elon Musk, Meta, or Amazon to become their own private banks, controlling digital money, collecting vast amounts of personal financial data, and even destabilizing the economy.
These bills are a dream come true for crypto speculators and corporate giants. They would allow companies like X (formerly Twitter) to launch their own stablecoins with no meaningful federal oversight posing massive risks to financial stability, consumer privacy, and fair competition.
If a major tech-issued stablecoin failed, it could trigger a market crash that would impact everyone, whether or not you’ve ever used crypto.
At the same time, crypto executives are actively working to weaken financial regulators and dismantle the Consumer Financial Protection Bureau (CFPB), the very agency that would protect people from payment fraud.
Don't let the fraud-ridden crypto industry cause market crashes or collapse the economy. Demand Congress vote no on current stablecoin legislation – the GENIUS Act and STABLE Act – before they create the next financial disaster.
SIGN and SEND
These bills also completely fail to protect consumers. Unlike traditional banks, stablecoin issuers would not have to follow longstanding guidelines that ensure banks serve the communities they profit from.
There are no clear rules for how stablecoin issuers must handle redemptions meaning they could impose excessive fees, long delays, or outright refuse to let people cash out. This could leave everyday consumers holding the bag in the next crypto crash.
The crypto industry is pouring money into lobbying to get these bills passed. But we know what happens when regulators give Wall Street and Silicon Valley too much leeway working people pay the price when their risky schemes collapse.
Congress must not put our economy in the hands of unregulated tech
n the GENIUS Act and STABLE Act now."
Mark Hays
Associate Director, Cryptocurrency and Financial Technology
Americans for Financial Reform