The American Bankers Association and 52 other organizations jointly called for amendments to the GENIUS Act

The American Bankers Association and other bank lobbying groups, along with 52 other banker organizations, including Americans for Financial Reform (typically a staunch opponent of Wall Street policy goals) and the National Consumer Law Center, have jointly sent a letter to the leadership of the Senate Banking Committee demanding amendments to the stablecoin law, known as the "GENIUS Act." In one letter, the bank lobbying and consumer groups requested the removal of a provision that would allow state-chartered uninsured depository institutions to gain a competitive advantage; in another, the bankers requested a ban on stablecoin affiliates offering returns. The lobbyists are calling for future cryptocurrency market structure legislation to overhaul the new stablecoin law.