PANews August 15 news, according to Crypto In America, the U.S. GENIUS Act has recently faced criticism from banks, state regulators, and consumer organizations. The core controversy lies in Article 16(d), which allows certain uninsured, state-chartered banks to operate nationally under OCC supervision, bypassing state approval. Stakeholders have written to the Senate Banking Committee requesting the removal of this provision, concerned that it undermines state regulation and the safety of the financial system. Meanwhile, banking groups warn that the bill's restrictions on interest payments for stablecoins have loopholes that could lead to up to $6.6 trillion in bank deposits flowing out. Coinbase executives have questioned the authenticity of the related data, stating that the growth of stablecoins has not caused a outflow of deposits from community banks.