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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.
"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."
