GENIUS Act Bombshell? Banking Groups Demand Stablecoin Interest
0GENIUS Act
Stablecoin
Bank trade groups’ lobbying comes amid growing debate over how U.S. stablecoin policy may shape global payment infrastructure and market competitiveness.
Author
Hongji Feng
Author
Hongji Feng
About Author
Hongji is a reporter who covers crypto, finance, and tech. He graduated from Northwestern University's Medill School of Journalism with a Bachelor's and a Master's. He has previously interned at HTX,...
Author Profile
Share
Copied
Last updated:
6 hours ago
Why Trust Cryptonews
Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews
Key Takeaways:
U.S. banking associations want Congress to close an interest-payment loophole in the GENIUS Act for stablecoin affiliates.
The debate could expand into a broader discussion on the role of U.S. stablecoins in international payment systems.
Future political shifts may influence whether current restrictions are tightened, relaxed, or adapted to global regulatory norms.
Major U.S. banking trade groups are calling for Congress to block stablecoin issuers and affiliated firms from paying interest to token holders, warning that the practice could drain deposits from banks and reduce lending to households and businesses.
In a joint statement published recently, organizations including the American Bankers Association, Bank Policy Institute, Consumer Bankers Association, Financial Services Forum, and Independent Community Bankers of America (ICBA) said current provisions under the GENIUS Act leave a gap...
https://cryptonews.com/news/genius-act-banking-groups-seek-stablecoin-yield-curb/
#crypto #bitcoin #ethereum #cryptocurrency #news #blockchain #litecoin #cryptonews #cryptonewstoday #cryptoworld #cryptonewstoday
***NOT FINANCIAL, LEGAL, OR TAX ADVICE! JUST OPINION! I AM NOT AN EXPERT! I DO NOT GUARANTEE A PARTICULAR OUTCOME I HAVE NO INSIDE KNOWLEDGE! YOU NEED TO DO YOUR OWN RESEARCH AND MAKE YOUR OWN DECISIONS! THIS IS JUST ENTERTAINMENT!
This information is what was found publicly on the internet. This information could’ve been doctored or misrepresented by the internet. All information is meant for public awareness and is public domain. This information is not intended to slander harm or defame any of the actors involved but to show what was said through their social media accounts. Please take this information and do your own research.
bitcoin, blockchain, crypto, cryptocurrency, altcoin, investment, ethereum, bitcoin crash, xrp, cardano, ripple