Conservative activist CJ Pearson said this week that Democrats and major banks are maneuvering to undercut President Donald Trump’s crypto-friendly agenda as the Senate prepares to debate digital-asset legislation.
Pearson singled out Senator Katie Britt, R-Alabama, as a key Republican defender of innovation, calling her a “major player” in efforts to protect consumer choice and economic freedom.
At issue are stablecoins—digital tokens pegged one-to-one to the dollar. Supporters say the tokens work like digital cash, speeding up transactions and reinforcing the dollar’s global role as commerce moves on-chain.
Last year Congress passed the bipartisan GENIUS Act, backed by Trump, Britt and fellow Alabama Republican Senator Tommy Tuberville. The measure created a regulatory framework for stablecoins and let crypto platforms offer digital-rewards programs similar to airline miles.
Pearson contends those gains are now under threat. Large banks and some Democratic lawmakers want to curb or eliminate crypto-based rewards, arguing that digital assets could siphon deposits from traditional banks and pose systemic risks. Conservatives counter that the push is designed to protect entrenched financial interests.
The dispute flares as the Senate Banking Committee prepares to mark up broader market-structure legislation, reopening debate over stablecoin rules and whether Congress will revisit incentives already settled in the GENIUS Act. Pearson said revisiting those provisions would inject uncertainty for innovators and regulators.
Rewards backers say the programs benefit consumers, spur competition and keep digital commerce anchored to the dollar; critics insist tighter oversight is needed before incentives expand.
Britt, who backed the GENIUS framework, has called for clear, durable rules that encourage innovation without exposing consumers or the financial system to abuse—a stance that places her at the center of the Republican response.
