The American Bankers Association leads the call to amend the GENIUS Act

ChainCatcher News, 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 "U.S. Stablecoin Regulatory and National Innovation Act" (GENIUS). The letter points out concerns regarding the GENIUS Act in areas such as interest payments, state-level regulation, and the issuance of stablecoins by non-financial companies, as the ban on paying interest to holders of stablecoins is considered too lenient.