Deep Tide TechFlow News, on August 14, according to The Block, the American Bankers Association (ABA) jointly sent a letter to the leadership of the Senate Banking Committee with 52 banking organizations, proposing amendments to the "American Stablecoin Innovation and Establishment Act" (GENIUS Act).

The banking organizations believe that the restrictions on interest payments by stablecoin issuers in the bill have loopholes that can be easily circumvented by exchanges, brokers, and other entities. They warned that this could lead to stablecoins shifting from payment tools to stores of value and credit mechanisms, which would affect market incentives. The banking organizations suggested expanding the prohibition on interest payments to digital asset exchanges, brokers, and affiliated entities.