Bankless Crypto vs. Banks: Who Controls America’s Money? | Summer Mersinger
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Sep 29, 2025 
Summer Mersinger, CEO of the Blockchain Association and former CFTC commissioner, dives into the ongoing battle between crypto and banks over the GENIUS Act and stablecoins. She reveals why banks are anxious about losing deposits to yield-bearing stablecoins and discusses the intricate world of legislative negotiations. Mersinger highlights shifting political alliances in Congress, the grassroots efforts of the crypto community, and the global implications for stablecoin regulation, all while signaling a pivotal moment for the future of money.
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GENIUS Delivered Hard-Won Clarity
- The GENIUS Act created federal clarity and protections for stablecoins while leaving negotiated compromises intact.
- Reopening negotiated language now risks undoing bipartisan progress and destabilizing the market.
Banks See Stablecoins As Margin Threat
- Banks view exchange-offered stablecoin yields as a competitive threat to deposit margins and seek to block them.
- Summer argues an even playing field is better: let banks compete by offering higher yields themselves.
Stablecoin Reserves Still Tie Back To Banks
- There is no clear evidence deposits are fleeing banks because stablecoin reserves are largely held in treasuries or U.S. bank deposits.
- Stablecoins can coexist with traditional banking rather than inherently hollowing out deposit bases.