American Bankers Association Leads Call to Amend the GENIUS Act

According to ChainCatcher, the American Bankers Association (ABA) and 52 other banking organizations have sent a letter to the leadership of the U.S. Senate Banking Committee, proposing amendments to the "Guiding and Enabling National Innovation in Stablecoins Act" (GENIUS). The letter highlights concerns regarding interest payments, state-level regulation, and the issuance of stablecoins by non-financial companies, noting that the prohibition on stablecoin issuers paying interest to holders is considered too lenient.