Press Release
For Immediate Release
July 17, 2025
Manhattan, NYC – The Federal Money Services Business Association (FedMSB) applauds the U.S. House of Representatives for advancing two critical pieces of legislation today that will shape the future of the digital financial ecosystem: the GENIUS Act, which establishes a national framework for stablecoin regulation, and the Anti-CBDC Surveillance State Act, which draws clear boundaries around the role of central bank digital currencies in the U.S. economy.
Mr. Young, Chairman of FedMSB, issued the following statement:
“Today’s House action represents a meaningful step toward a modern, competitive, and secure digital payments system in the United States. We commend lawmakers for their bipartisan leadership in passing the GENIUS Act, which lays the groundwork for a national stablecoin framework.
We also strongly support the passage of the Anti-CBDC Surveillance State Act. FedMSB has long cautioned against the issuance of a retail central bank digital currency, which risks centralizing financial data, undermining community-based financial services, and disrupting the credit markets that drive small business growth and household resilience.”
However, FedMSB echoes the concerns of state banking supervisors and encourages further revisions to the GENIUS Act, including:
- Removing Section 16(d) to preserve host state oversight of custody and money transmission functions by non-FDIC-insured stablecoin entities;
- Amending Section 5(h) to reaffirm the authority of states over subsidiaries of state-chartered banks; and
- Clarifying Section 4(b)(1) to ensure that state consumer protection laws remain fully enforceable.
“We believe the U.S. can lead globally in digital finance, but only with a clear regulatory structure that fosters innovation without compromising safety, privacy, or the diversity of financial services providers,” Mr. Young added. “We look forward to working with Congress and regulatory agencies to refine these frameworks and safeguard the future of responsible digital asset use in America.”
About FedMSB
The Federal Money Services Business Association is a national nonprofit trade association organized under IRC § 501(c)(6) and incorporated in the State of New York. We are not a money services business (MSB), nor do we engage in MSB-regulated activities. Rather, we serve as a neutral convener and coordinating body for a diverse community of licensed and registered MSBs, as well as their infrastructure, compliance, and fintech partners.
Founded to support the modernization of the MSB sector, FedMSB leads the development of MSB 2.0 — a forward-looking framework for digital-first, standards-aligned, and compliance-embedded operations. Through policy advocacy, industry certification, technical guidance, and educational resources, we aim to elevate the integrity, transparency, and innovation capacity of non-bank financial services.
Our Membership
FedMSB’s members include state-licensed money transmitters, digital payment providers, fintechs, and other regulated non-bank financial institutions. We also welcome associate members such as legal advisors, compliance experts, and technology vendors. Our membership reflects a broad cross-section of the MSB ecosystem — from national leaders to emerging platforms.