As Crypto Bill Passes, Bank Bosses Feel Heat

The crypto industry today scored its biggest win in Congress with the passage in the House of Representatives of the Genius Act. The bill, which the Senate cleared last month, legitimizes and regulates stablecoins, crypto tokens pegged to the U.S. dollar. President Donald Trump is expected to sign it quickly. 

It’s a moment of rejoicing for crypto, which has bounced back from an excruciating downturn and regulatory crackdown under President Joe Biden’s administration. Now companies like Circle, whose stock has ridden the stablecoin boom, are aiming to disrupt traditional finance and payments—and big bank bosses are feeling the heat. During earnings calls this week, the CEOs of JPMorgan Chase, Bank of America and Citigroup all described stablecoins as a competitive threat and said they are ready to react by potentially launching their own.