Banking groups are urging the U.S. Senate to close loopholes in the GENIUS Act
2025-08-13 11:55:57
The American Bankers Association, the Banking Policy Institute and more than 50 state banking groups have asked Congress to close "loopholes" in the GENIUS Act that allow for stablecoin interest payments through exchanges and third parties. Banking groups have warned of the risk of losing $6.60 trillion in deposits, which could disrupt traditional lending and raise borrowing costs.
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