American Bankers Association leads call for GENIUS Act revisions

According to Odaily Planet Daily, the American Bankers Association (ABA) and 52 other banking organizations sent a letter to the leadership of the Senate Banking Committee, proposing amendments to the United States Stablecoin Guidance and Establishing National Innovation Act (GENIUS). The letter points out that the GENIUS Act has concerns regarding interest payments, state-level regulation, and the issuance of stablecoins by non-financial companies, as the prohibition on stablecoin issuers paying interest to holders is considered too permissive. (The Block)