U.S. Banks Urge Congress to Close Stablecoin Interest Loophole in GENIUS Act

Several major banking organizations, including the Bank Policy Institute (BPI), have urged Congress to fine-tune the GENIUS Act to prevent stablecoin issuers from offering indirect interest or returns. These groups argue that existing provisions don’t cover crypto exchanges and other related businesses, potentially creating a loophole where issuers can circumvent the law.