A growing coalition of U.S. banks is panic-stricken. They are currently urging lawmakers to rewrite the GENIUS Act, specifically targeting the reward structures offered by non-bank stablecoin issuers. They see the ability for crypto platforms to offer yield on digital dollars as a “loophole” that threatens to siphon deposits away from the traditional banking system. […]
Source: https://news.bitcoin.com/a-strategic-policy-concession-could-strengthen-cryptos-future/