Banking groups urge the U.S. Senate to close the loopholes in the GENIUS Act.

[Banking groups urge U.S. Senate to close loopholes in the GENIUS Act] The American Bankers Association, the Bank Policy Institute, and over 50 state banking groups are urging Congress to close the "loopholes" in the GENIUS Act that allow stablecoin interest to be paid through exchanges and third-party payments. The banking groups warn of a $6.6 trillion risk of deposit outflows that could disrupt traditional lending operations and increase borrowing costs.

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