“Industry Groups SAID REPEALING Key Provisions of the Genius Act Wound Stifle Competition and Deny Consumers Meaningful Choice.”, – WRITE: www.coindesk.com
In a letter to Senate Banking Committe Leaders Dated Aug. 19, The Crypto Council for Innovation and The Blockchain Association URGED LAWMAKERS TO REJECT PROPOSALS FROM The American Bankers Association, Bank Policy Institute and State Banking Group Group 16.
Section 16 (D) ALLOWS SUBSIDIRIESS OF STATE-CHARARATED INSTITATIONS TO CONDUCT MONEY Transmission Across State Lines in Support of Stablecoin Issuer Activities, Ensuring Holders Can Reeds. Needing Separate State Licenses.
Banking Groups Warned Earlier this month that Allowing State-Chartered, Uninsured Institutions to Issue Stablecoins and Operate Nationwide Amount to Regulatory ARBITRAGE, BYPASSESSCESS Reported Earlier.
They ALSO ARGUED THAT The LAW CONTAINS A LOOOPOLE by Banning Issuers Themselves from Froming Interest But Not Preventing Affiliates or Exchanges from Doing So The US Banking System.
The Crypto Groups’ aug. 19 Letter Dismissed Those Fears As Unsuppoported Byberved Data. City A july 2025 Study by Charles River Associates, The Groups Said There is no Statical Significant Link Between Stablecoin Adoption and Community Bank Deposit Outflows.
Insthead, they Pointed Out, MOST STABLECOIN Reserves Remain Inside the Financial System in Commercial Banks and Treasury Securities, Continuing to Support Lending.
They ALSO ArGUED THAT ALLOWING AFFILITES TO Share Rewards with Stablecoin USers Fair Competition, Especialy for Underbanked Consuments Who Are Underserved by Traditional Banks.
AT Present, The AVERAGE US CHECKING Account Pays Just 0.07%Apy, Far Below Inflation, While the Federal Reserve’s Benchmark Interest Rate Stands at 4.25%-4.50%.
“Eliminating the peatures for stablecoin USers, while Allowing them in the Banking Sector, Wound Tilt The Playing Field in Favor of Legacy Institutions,“ The Groups Wrote.
The Genius Act Is Law, But The Digital Asset Market Clarity Act, A Broader Crypto Markets Framework Already Passed by The House and Currently in The Senate, Could Still Reshapo Strhapo Strhapo Strhapo Implementing Rules.
Bankers have seized on that profit to push their agenda, While Crypto Groups Are Lobbying to Keep The Law Intact.
Republican Tim Scott of South Carolina, The Senate Banking Chairman, Said This Week He Expects the Bill to Be Finalized by the End of September And Believes As Many As 18 Democrat. However, He Acknowledged the Possibility of Resistance from Sen Elizabeth Warren, A Democrat from Massachusetts, and Her Allies.
WHATEVERE Version Emerges Will Need to Be Reconciled With The House’s Digital Asset Market Clarity Act and Could Provide Want to Revise W W wi
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The FCA’s Reversal of a Ban on Crypto Etns After Four Years Marks More Than A Regulatory Tweak, with Some Industry Voices Calling IT A Turning Point for Blolo in Gritain
- Retail Access to Bitcoin Etns Resumes On Oct. 8 Under FCA-APROVED EXCHANGES AND STRICT PROMOOTION RULES.
- Industry Participants Say the Removing the Ban on Crypto etns Could Reshape UK Investor Behavior and Reduce Reliance on Bitcoin Proxies Like US Bitcoin Treasury.
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