The Arguments Made by Coinbase and Others Don't Add Up

The GENIUS act does not adequately address the discrepancy between highly regulated regular lenders such as banks and crypto vendors aiming to mimic credit markets without adequate safety regulations. I recently argued for closing the stablecoin loophole in the GENIUS Act to protect Main Street communities that may switch from safer community banks with strict safety regulations to crypto stable coins where it is not. Credit competition should occur with an equal level playing field, not where incumbents are regulated while new competition is not.