The Senate’s Responsible Financial Innovation Act creates a legal framework for digital assets. Congress has an opportunity to protect consumers, promote economic stability, and preserve credit access by including legislative fixes in these bills to close the loopholes left open in the GENIUS Act. You can urge your lawmakers to: 

• Extend restrictions on paying interest or yield on payment stablecoins to cover all market participants, thereby ensuring that payment stablecoins serve as a payment tool that supports financial innovation while minimizing unintended consequences for the banking system and broader economy.
• Repeal section 16(d) of the GENIUS Act, thereby protecting consumers and competition by guaranteeing state banking authorities have the power to supervise out-of-state chartered uninsured depository institutions and ensures a level playing field for all institutions operating within their borders.
• Prohibit non-financial companies from issuing stablecoins, restricting their ability to siphon deposits from community banks and therefore preserving local credit access and preventing conflicts of interest and the concentration of economic power.

Ask your Senators to implement these key recommendations in the Responsible Financial Innovation Act.