Ex-Barclays CEO: The GENIUS Act Is Actually Good for Banks, Not a Burden

Bob Diamond, former CEO of Barclays (market cap £55.8 billion) and now CEO of investment firm Atlas Merchant Capital, told CNBC that the GENIUS Act stablecoin law is actually good for banks, rather than a burden as it's sometimes portrayed.

“The biggest and most successful banks will benefit from this.”

— Bob Diamond, former CEO of Barclays, CEO of Atlas Merchant Capital

“No one is investing more in innovation right now than the big banks.”

— Bob Diamond, former CEO of Barclays, CEO of Atlas Merchant Capital

This isn't the first time Diamond has publicly backed big banks adapting to new stablecoin rules — he previously called the current environment "perfect" for the banking sector. Meanwhile, the GENIUS Act itself is still being implemented: six US agencies still have to finalize the rules under it, and those details will determine how fast big banks can actually launch their own stablecoin products. Diamond's full interview is available on CNBC.

This piece is informational, not a recommendation to buy, sell, or hold any asset.