WASHINGTON, D.C.— Amanda Fischer, COO and Policy Director of Better Markets, released the following statement today on the filing of a comment letter to the Department of the Treasury regarding the implementation of the GENIUS Act, which earlier this year created a new framework for the regulation of so-called “stablecoins.”

“Policymakers are clamoring to make stablecoins a real-world payment mechanism, even as they ignore both the very real risks inherent in stablecoin transactions and the demonstrable lack of consumer interest in using stablecoins as a form of payment. As such, those writing the rules for stablecoin adoption must prioritize risk mitigation and ensure that if stablecoins emerge as a dominant form of payments in the future, it will be due to bona fide competitive advantages and not a concerted effort to exploit regulatory loopholes,” Fischer said. “Consumers deserve financial stability, consumer protection, and safeguards against illicit finance and unfair competition. Without these common-sense guardrails, stablecoins not only will be unfit for payments, but also may import risk to the non-crypto financial system and endanger the broader economy.”

The letter outlines critical financial stability, consumer protection, illicit finance and competition concerns and offers recommendations to the Department of Treasury on how to implement the legislation in a way that minimizes harm to the U.S. economy and crypto users.

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Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies—including many in finance—to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.org.