52 organizations including the American Bankers Association call for amendments to the stablecoin bill

According to reports from HashChain, the American Bankers Association and 51 other banking lobby groups have jointly written to the leaders of the Senate Banking Committee, requesting amendments to the stablecoin bill known as the GENIUS Act. In one letter, the banking lobby groups and consumer groups requested the removal of provisions in the bill that allow state-chartered uninsured deposit institutions to have a competitive advantage; in another letter, bankers called for a ban on stablecoin-related companies offering yields. Lobbyists are urging for a complete overhaul of the new stablecoin bill using future cryptocurrency market structure legislation.