1. United States
2. Texas
3. Letter

The GENIUS Act threatens to legitimize the unregulated and volatile cryptocurrency industry by allowing major commercial firms like Amazon, Walmart, Twitter/X, and Facebook/Meta to enter the banking sector without proper safeguards. This move would disrupt longstanding policies separating banking from commerce and open the door to increased price manipulations, coin failures, and the use of cryptocurrencies for illicit finance. As an organization dedicated to consumer protection and financial stability, we urge you to reject this ill-conceived legislation. The crypto market has already caused significant harm to investors, and granting it government endorsement without robust regulations would only exacerbate these abuses. Please prioritize the interests of ordinary people over those of powerful corporations seeking to exploit this speculative asset class. A responsible approach demands maintaining the separation of banking and commerce while imposing strict oversight on cryptocurrencies to prevent further exploitation and financial instability.