US community banks join campaign to shut a GENIUS Act ‘loophole’
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The Community Bankers Council has asked the Senate for a crypto market structure bill that will ban exchanges and others offering interest on stablecoins.
A group of US community bankers is pressuring Congress to change the GENIUS Act to close a supposed “loophole” that allows yield-generating stablecoins to undercut banks.
The American Bankers Association’s Community Bankers Council said in a letter on Monday to the Senate that it must tighten the stablecoin regulating bill passed last year to stop stablecoin issuers from offering yield to tokenholders through third parties.
“Some companies have exploited a perceived loophole allowing stablecoin issuers to indirectly fund payments to stablecoin holders through digital asset exchanges and other partners,” the group of more than 200 community bank leaders said.
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