Big Banks Push to Dismantle GENIUS Act as Crypto Group Fights Back

TLDR: Blockchain Association warned banks want to roll back GENIUS Act protections, risking consumer access to stablecoin innovation. Letter to Congress stresses GENIUS guarantees one-to-one reserves, oversight, and clarity for U.S. crypto companies. Banking lobby argues stablecoins threaten deposits, though deposits total $18T versus $277B in stablecoins worldwide. Campaign launched to raise awareness and push [...]

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