General Discussion

Critics argue the bill will introduce new risks into the financial system, by legitimising stablecoins without erecting sufficient protections for consumers.

For example, they said it would deepen tech firms' participation in bank-like activities without subjecting them to similar oversight, and leave customers hanging in a convoluted bankruptcy process in the event that a stablecoin firm should fail.

They had also tried to rally opposition to the bill by arguing that voting in favour was effectively condoning Trump's business activities - including his family's promotion of their own crypto coins.
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"Some members may believe passage of this bill, even with flaws, is better than the status quo. We believe this is a fundamental misunderstanding of the risks involved with these instruments," a coalition of consumer and advocacy groups wrote in a letter to Congress this spring.

They warned that passage would "allow the proliferation of assets that consumers will wrongly perceive as safe".

https://www.bbc.co.uk/news/articles/cd78lvd94zyo