They argued that the offering of products should be restricted, a move they said was intended to protect the existing banking system.
Senator Gillibrand attended the "2
Speaking at the 2025 DC Blockchain Summit, he warned that if stablecoins provide revenue, it will become difficult for existing banks to provide mortgage and small business loans.
She said New York state's financial regulations are among the strictest in the world and stressed that such regulations should apply to all financial services industries.
Additionally, stablecoin issuers must comply with regulations at the federal and state levels and must pay the same interest as banks to protect the financial system.
"Can stablecoin issuers offer interest? Because if they offer interest,
"If we provide mortgages to people, there will be no reason for them to put their money in local banks. If there are no deposits in banks, who will provide mortgages?" he asked.
"Without deposits, small banks can no longer provide loans, and ultimately, people have to pay for things like businesses and home purchases," he said.
"It would collapse the financial services system on which we depend," Senator Gillibrand said.
He is currently co-sponsoring the GENIUS Stablecoin Act, introduced by Senator Hagerty in February of this year.
The bill seeks to establish a comprehensive regulatory framework for digital stablecoins.
On March 10, Senator Hagerty said the bill would include anti-money laundering (AML) provisions, know-your-customer (KYC) requirements, financial transparency regulations, and other provisions.
On March 13, the U.S. Senate Banking Committee passed the GENIUS Act by a vote of 18 to 6, after which it must be voted on by the full House and Senate.
If the bill receives final passage, it will go into effect once President Donald Trump signs it.
2025/03/27 17:27 KST
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