Bank of America’s interest in issuing a stablecoin has intensified the debate in Washington as lawmakers weigh the STABLE Act and the GENIUS Act—two proposals that will shape who can issue U.S. dollar-backed digital tokens. Banks, tech companies, and crypto firms like Circle and Tether are vying to influence the regulatory framework that could define the future of stablecoins in the U.S.
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Stablecoin turf wars: Bank of America, Tether and Circle battle to shape US rules
"The reason why you do that is because if you don't, a retail company, for example, could look at your bank account, your statements, your expenses, and make some really, really intrusive and anti-competitive decisions about how they market to you," one of these people told The Block. "And so Congress a long time ago decided to make that separation. There is no such separation for current payment stablecoin issuers under both bills."
