PANews reported on August 15th that, according to Crypto In America, the US GENIUS Act has recently been criticized by banks, state regulators, and consumer groups. The core dispute revolvesPANews reported on August 15th that, according to Crypto In America, the US GENIUS Act has recently been criticized by banks, state regulators, and consumer groups. The core dispute revolves
The GENIUS Act sparked regulatory controversy, with stablecoin interest rate loopholes drawing attention.
PANews reported on August 15th that, according to Crypto In America, the US GENIUS Act has recently been criticized by banks, state regulators, and consumer groups. The core dispute revolves around Section 16(d), which allows some uninsured, state-chartered banks to operate nationwide under OCC supervision, bypassing state approval. Stakeholders wrote to the Senate Banking Committee demanding the removal of this provision, citing concerns that it would weaken state oversight and the security of the financial system. Meanwhile, banking industry groups warned that the bill's restrictions on stablecoin interest payments contain loopholes that could lead to an outflow of up to $6.6 trillion in bank deposits. Coinbase executives questioned the authenticity of the data, claiming that the growth of stablecoins has not caused an outflow of deposits from community banks.
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