US Regional Banks Call for Amendments to the GENIUS Act, Citing Concerns Over Exchange-Driven Yields

On the 6th, the Community Bankers Council of the American Bankers Association (ABA) sent a letter to the Senate, requesting amendments to the stablecoin regulation bill, the GENIUS Act. Over 200 regional bank leaders have called for a prohibition on stablecoin issuers providing yields to token holders through third parties. The group pointed out that 'some companies are exploiting loopholes, indirectly funding payments to stablecoin holders through partners such as cryptocurrency exchanges.' The GENIUS Act currently allows stablecoin issuing companies to...