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Industry sources reveal that led by an industry lobbying organization, over 125 crypto institutions have jointly submitted a letter to the U.S. Senate, explicitly opposing the GENIUS Act.
What does this move reflect? Simply put, it shows the entire crypto ecosystem's concerns about the provisions of this bill. If the bill proceeds under the current framework, many organizations believe it could negatively impact industry development.
The participation of over 125 organizations is indeed significant. From exchanges and project teams to infrastructure service providers, they cover almost all segments of the crypto ecosystem. This indicates how widespread the opposition consensus is. Receiving this joint letter, the Senate must take this voice seriously—after all, it represents actual market participants.
Lobbying and policy negotiations are never simple. On one side are regulatory compliance considerations, and on the other are industry development demands. How the specific provisions of the GENIUS Act will be adjusted remains to be seen in the subsequent Senate review process. But at least for now, the crypto industry's stance is very clear.