The American Bankers Association and 52 other organizations jointly called for amendments to the GENIUS Act

PANews reported on August 15th that, according to Coindesk, the American Bankers Association and other bank lobbying groups, along with 52 other banker organizations, including Americans for Financial Reform (typically a staunch opponent of Wall Street policy goals) and the National Consumer Law Center, jointly sent a letter to the leadership of the Senate Banking Committee, demanding amendments to the stablecoin bill known as the "GENIUS Act." In one letter, the bank lobbying and consumer groups requested the removal of a provision in the bill that would allow state-chartered uninsured depository institutions to gain a competitive advantage. In another letter, the bankers requested a ban on stablecoin affiliates offering returns. The lobbyists requested that future legislation on the structure of the cryptocurrency market be used to overhaul the new stablecoin bill.