The Blockchain Association has announced its support for the GENIUS Act, describing it as a pivotal development in U.S. digital asset regulation. The association asserts that the act offers essential clarity, consumer protection, and regulatory certainty, fostering stablecoin innovation. In a letter to U.S. lawmakers, the association countered claims from major banks that stablecoins threaten traditional banking, highlighting a study that found no correlation between stablecoin adoption and bank deposit outflows. The group warned that repealing the act could undermine U.S. competitiveness in the global financial landscape.