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The US Banking Industry Calls for Amendment to the <i>GENIUS Act</i> Signed by Trump, Warning of Potential Financial Risks
BlockBeats News, August 14th. According to The Block, the largest U.S. banking association is urging senators to patch what it calls loopholes in last month's stablecoin legislation signed by President Trump, stating that these loopholes could harm the broader financial system.
This week, the American Bankers Association (ABA) and 52 other banking organizations sent a letter to the Senate Banking Committee leadership proposing revisions to the American Stablecoin Guidance and Establishment of a National Innovation in U.S. Act (GENIUS). The letter pointed out concerns in areas such as interest payments, state-level regulation, and non-financial company issuance of stablecoins.
The controversy revolves around the prohibition in the GENIUS Act on stablecoin issuers paying interest to holders, which is seen as too lenient. While these groups support the restriction measures, they argue that the new legislation could easily be circumvented by exchanges, brokers, and other affiliates, thus "distorting market incentives" and transforming stablecoins from mere payment tools into potential store of value and credit instruments.
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