WASHINGTON, D.C. — Today, the Consumer Federation of America and allied organizations released a letter thanking key lawmakers for opposing the GENIUS Act, a bill that could create a dangerously weak regulatory framework for stablecoins.

The letter recognizes the rare and courageous decision by select lawmakers to reverse their previous support of the bill, despite industry pressure and bipartisan momentum. It notes that this shift was driven by urgent concerns raised by consumer advocates and financial experts.

The letter warns that the GENIUS Act would expose the U.S. financial system to unacceptable risks by failing to include basic consumer protections, preempting stronger state-level safeguards, and omitting enforcement authority from the Consumer Financial Protection Bureau, an agency critical in combating fraud. It also highlights how the bill dangerously undermines anti-money laundering efforts and national security, as it lacks the rigor needed to address how stablecoins are increasingly used by foreign cybercriminals and sanctioned governments to move illicit funds. The letter also demands that the Senate not consider any crypto legislation until President Trump and his family have divested themselves from all crypto conflicts of interest.

In rejecting the GENIUS Act, these Senators send a powerful message: from safeguarding small community banks and maintaining financial stability to defending against unchecked executive overreach and foreign threats; financial innovation must not come at the cost of consumer safety, national security, or public trust.