U.S. banking groups are calling for revisions to the GENIUS Act, urging changes to stablecoin regulation, aiming to create a level playing field in the financial sector. The American Bankers Association and consumer advocacy groups like Americans for Financial Reform have joined forces to push for adjustments that would affect dollar-backed stablecoins and influence market structures. These groups believe that current provisions granting advantages to state-chartered institutions should be addressed, emphasizing the need for fair competition amongst financial entities in the digital asset space. The proposed amendments aim to ensure a more equitable landscape by barring stablecoin affiliates from offering yield products, while addressing concerns about uninsured depository institutions gaining national market share. These efforts come amidst growing regulatory scrutiny of stablecoin market dynamics and their impact on financial stability.