Cryptocurrency advocacy groups accuse Wall Street bankers of attempting to change the stablecoin rules to their advantage, warning Congress against amending the GENIUS Act.

This law, recently passed in the U.S., establishes a legal framework for stablecoins. The crypto community fears that the proposed amendments by bankers may stifle innovation and competitive advantages of digital assets.

Two leading cryptocurrency advocacy organizations are opposing the latest attempt by Wall Street bankers to alter the recently enacted U.S. stablecoin legislation.

In a joint letter sent on Tuesday to the Senate Banking Committee, the Crypto Council for Innovation (CCI) and the Blockchain Association urged lawmakers to reject the recommendations of the American Bankers Association (ABA) and state banking groups.