Crypto Groups Clash with Bankers Over Stablecoin Regulation

A fierce battle is unfolding between the cryptocurrency industry and banking regulators over a proposed legislation aimed at shaping stablecoin development. The STABLEGENIUS Act, introduced by Republican Representatives French Hill and Bill Huizenga, seeks to grant exclusive control of stablecoins to banks overseen by the Federal Reserve. This move has ignited opposition from prominent crypto organizations who see it as a threat to decentralization and innovation within the burgeoning cryptocurrency ecosystem.