Crypto industry groups are strongly opposing Wall Street banks' changes to the U.S. GENIUS Stablecoin Act. The Crypto Council for Innovation and the Blockchain Association sent a letter to the Senate Banking Committee on August 19 urging the rejection of proposed changes from banking groups such as the American Bankers Association.
The banking industry wants to remove Section 16 (d) of the bill, which allows state-chartered agency subsidiaries to support stablecoin offerings across state lines. Banking groups warn that this could lead to regulatory arbitrage and could drain up to $6.60 trillion from the U.S. banking system.
The crypto industry counters that research shows no significant link between stablecoin adoption and outflows from community banks, and that most stablecoin reserves remain within the financial system. They stress that allowing stablecoin users to reap the benefits would ensure fair competition, especially for consumers who are underserved by traditional banks, at a time when the average checking account in the United States pays only 0.07% annual yield.
Crypto Industry Organization Crypto Industry Opposes Bank Lobbying to Amend U.S. Genius Stablecoin Act
2025-08-20 10:02:37
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