GENIUS Act could mark the end of the banking rip-off: Multicoin exec

The **GENIUS Act** is poised to revolutionize traditional banking by enabling **stablecoin** issuers to compete directly with banks for retail deposits, according to a Multicoin Capital executive. This groundbreaking **cryptocurrency** legislation could end banking monopolies and deliver significant benefits to everyday consumers.

The stablecoin-focused regulation will create unprecedented competition in the financial sector, forcing traditional banks to improve their services while **DeFi** and **blockchain**-based alternatives gain mainstream adoption. As **Bitcoin** and digital assets continue reshaping finance, the GENIUS Act represents a pivotal moment for **cryptocurrency** integration into conventional banking systems.

This legislative development signals a major shift toward **decentralized finance**, potentially reducing banking fees and improving financial services for retail customers. The act's implementation could accelerate **stablecoin** adoption while challenging banks' traditional dominance in deposit-taking activities.

Market analysts anticipate significant implications for both **cryptocurrency** markets and traditional financial institutions as this regulation takes effect. The legislation represents a victory for consumer choice and financial innovation, positioning **digital assets** as legitimate competitors to conventional banking products in the evolving **blockchain** economy.