Re-litigating the GENIUS Act Brings Risk and No Rewards

Blockchain Association CEO Summer Mersinger argues that reopening settled issues in the bipartisan GENIUS Act, particularly regarding third-party rewards for stablecoins, undermines the legislative process and risks derailing both stablecoin implementation and ongoing market structure negotiations. Big Bank lobbyists are pushing Congress to statutorily ban third parties from offering yield on stablecoins, which would effectively kill the industry's competitiveness. Mersinger contends that the core argument about systemic risk from stablecoin adoption is flawed, as regulated stablecoins are fully backed by safe assets and rewards programs are comparable to standard consumer incentives offered elsewhere in finance. Congress intentionally left packaging and distribution details to the Treasury Department's regulatory process, which is now underway and requires time. Re-litigating these issues prematurely signals that legislative bargains are provisional, inviting coalition defection. The responsible path is allowing Treasury to complete implementation before Congress considers any amendments based on resulting data.

(Source：CoinDesk)