14.03.2025 13:14
Traditional banking systems are struggling to maintain their market share in the face of the cost and speed advantages offered by blockchain-based payments. The American banking sector and its political allies are attempting to block the passage of the stablecoin bill, driven by concerns that this new technology could render banks obsolete.
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The heavy transaction costs and slow processing times of traditional banking systems are struggling against blockchain-based alternatives. The potential rise of stablecoins seems to threaten banks. In this context, a new bill being discussed in the U.S. Senate is drawing the attention of banks and their political allies.
Traditional Financial Institutions Uneasy with Concerns Over Financial Freedom
Traditional financial institutions are showing resistance to the stablecoin regulation being discussed in the U.S. Congress. Banks, concerned about maintaining their market share, feel threatened by the cost advantages and convenience offered by blockchain technology-based alternatives.
The banking lobby and supporters in the U.S. Senate are opposing the regulation known as the "National Innovation to Guide and Establish U.S. Stablecoins (GENIUS) Act." The basis of this opposition lies in the concern that stablecoins will sideline banks and reduce their share in financial markets.
For the bill to pass in the Senate, 60 votes are needed. This means at least seven Democratic senators must align with the Republicans.
U.S. Senator Elizabeth Warren is known for her tough stance on cryptocurrencies. Warren proposed an amendment that would prevent technology companies from issuing stablecoins. In her statement, Warren said, "If these firms want to make payments, they should partner with regulated financial institutions or facilitate transactions between them. However, this stablecoin bill disrupts the status quo by giving a green light to large tech companies and other commercial holdings to issue their own stablecoins."
Digital assets continue to be a transformative force in the financial sector due to their fast processing times and low costs. These technologies facilitate cross-border payments and enable transactions directly between users.
The GENIUS bill was introduced to the Senate by Senator Bill Hagerty on February 4 as a comprehensive regulatory framework for a digital U.S. dollar. Shortly after the bill was introduced, Federal Reserve Bank Chairman Christopher Waller argued that non-bank entities should also be able to issue stablecoins. Waller noted that stablecoins could particularly improve payment systems in developing countries.
Brian Moynihan, CEO of Bank of America, announced in a speech at the Washington DC Economic Club that the bank could operate in the stablecoin space and might launch its own dollar-pegged token.
Secretary of the Treasury Scott Bessent stated at the first White House Crypto Summit held on March 7 that the U.S. would leverage stablecoins to expand the dominance of the dollar.
Stablecoin issuers operating with high collateral rates collectively rank as the 18th largest holder of U.S. government debt in the world. This positions these companies ahead of countries like Germany and South Korea.
The U.S. government could use stablecoins by adopting stablecoin-friendly policies and promoting their use worldwide to control inflation and strengthen the dollar's status as a global reserve currency.
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