Banking Groups Urge U.S. Senate to Close Loopholes in the GENIUS Act
According to a report by Jinse Finance, the American Bankers Association, the Bank Policy Institute, and more than 50 state banking groups have called on Congress to close the "loopholes" in the GENIUS Act, which currently allow interest to be paid on stablecoins through exchanges and third-party platforms. The banking groups warn that there is a risk of $6.6 trillion in deposit outflows, which could disrupt traditional lending operations and increase borrowing costs.
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