US banking groups are pressing regulators to slow parts of the federal rollout of the GENIUS Act, opening a new front in their broader fight over how far stablecoins should be allowed to move into territory long dominated by bank deposits. On April 22, the American Bankers Association (ABA) and three other banking trade groups […]
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Washington’s stablecoin stalemate is hardening into a fight that banks recognize immediately as a deposit issue. The dispute is no longer centered on whether dollar-linked tokens should exist. It centers on whether they should be treated as deposits, especially if consumers can earn interest-like rewards simply for holding them. A recent White House meeting aimed […]
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The US Senate is preparing to vote next week on a revised version of the GENIUS Act, a stablecoin-focused bill that has been updated to address concerns raised by Democratic lawmakers. Last week, the bill stalled after several Democratic lawmakers withdrew support, citing gaps in anti-money laundering provisions, weak oversight for foreign stablecoin issuers, and […]
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