Banking Groups Urge Senate to Revise Stablecoin Legislation

According to PANews, a coalition of 52 banking organizations, including the American Bankers Association and other lobbying groups, have joined forces with the U.S. Financial Reform Organization and the National Consumer Law Center to address concerns over the proposed GENIUS Act, a stablecoin bill. In a letter to the Senate Banking Committee leaders, these groups requested the removal of a provision that allows state-chartered uninsured depository institutions to gain a competitive advantage. Additionally, in a separate letter, bankers called for a ban on stablecoin-affiliated companies offering yields. The lobbyists are advocating for a comprehensive revision of the new stablecoin bill through future cryptocurrency market structure legislation.