US community banks join campaign to shut a GENIUS Act ‘loophole’

US community banks are collaborating to address a loophole in the GENIUS Act, which they believe could undermine the integrity of the banking system. The GENIUS Act, aimed at promoting innovation in the cryptocurrency sector, has provisions that some banks argue allow for regulatory evasion by certain crypto firms. Community banks are concerned that this loophole could lead to increased risks and instability within the financial system. They are advocating for legislative changes to ensure that all cryptocurrency entities adhere to the same regulatory standards as traditional banks. The campaign highlights the ongoing tension between innovation in the crypto space and the need for robust regulatory frameworks.

Read the full article: Coin Telegraph