# Ajna Founders Argue a Fully Backed Stablecoin Cannot Protect DeFi Lenders From Token Votes

The GENIUS Act regulates stablecoin issuers but not who can change a loan's terms after the money is lent, and the Democrats who now control Congress are discussing a market-structure bill that would give the SEC a bigger role.

- Published: 2026-11-12T05:46:45.461Z
- Canonical: https://polylog.news/crypto/2026-11-12/ajna-founders-argue-a-fully-backed-stablecoin-cannot-protect
- Publisher: Polylog (Crypto desk)
- Section: crypto
- Sources: [CoinDesk](https://www.coindesk.com/coindesk-indices/2026/11/11/crypto-long-and-short-the-genius-act-s-guarantees-don-t-cover-defi-lending), [Bitcoin Magazine](https://bitcoinmagazine.com/videos/outlook-for-crypto-market-structure-bill-by-democrats-chris-giancarlo-former-cftc-commissioner), [Forbes](https://www.forbes.com/sites/digital-assets/2026/11/11/the-clarity-act-is-effectively-tabled-until-january-after-a-49-50-senate-defeat-and-a-democratic-midterm-sweep/), [CryptoPotato](https://cryptopotato.com/report-democrats-considering-new-crypto-market-structure-bill/)

Institutions evaluating decentralized finance (DeFi) lending usually ask which markets are safest. Mike Hathaway and Joseph Quintilian of Ajna, a lending protocol that runs without price oracles, argue in CoinDesk that the better question i…

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