The recent passage of the GENIUS Act , which marks the first stablecoin legislation in the United States, has sparked considerable interest among crypto investors. However, leading banking associations across the country have raised alarms about potential vulnerabilities in the law that could pose risks to the financial system.

Alleged Risks In New Stablecoin Legislation

In a letter addressed to the Senate Banking Committee, these associations, representing all 50 states, called for urgent amendments to address several identified loopholes.

In their correspondence, the associations emphasized the importance of establishing a clear regulatory framework for the digital asset market. They underscored that the decisions made could significantly influence the structure, efficienc

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