Wall Street Joins Consumer Advocates to Call for Edit to GENIUS Act on Stablecoins
Main Idea
Wall Street bankers and consumer advocates are calling for revisions to the GENIUS Act, a stablecoin law, arguing it bypasses state licensing and oversight, with broader crypto market regulation still pending.
Key Points
1. Bankers and consumer advocates, including the National Consumer Law Center, are pushing for changes to the GENIUS Act.
2. The GENIUS Act, signed by President Trump, allows stablecoin issuers to bypass state licensing and oversight, which critics argue undermines existing regulations.
3. Banking groups like the ABA and Bank Policy Institute are advocating for revisions to the law, fearing it could disrupt core aspects of their businesses.
4. A broader crypto market regulation bill, the Digital Asset Market Clarity Act, has passed the House and may further impact the GENIUS Act before it is fully implemented.
5. The debate highlights ongoing tensions between federal and state oversight in the regulation of stablecoins and the broader crypto industry.
Description
Wall Street bankers are hammering away at some provisions of the new U.S. stablecoin law that was hailed by President Donald Trump and the crypto sector as a huge first step toward establishing a fully regulated U.S. industry, and the banks are joined by unusual bedfellows from the consumer-advocate world in sounding alarms. Hoping to revise and cut provisions that might threaten aspects of the current financial system, the American Bankers Association and other bank lobbying groups aligned in a...
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