Alabama Senator Warns of Potential Harm to Rural Banks from New Stablecoin Law

Keith Kelley, a Republican state senator representing Alabama’s 12th district, has raised concerns about the potential impact of the GENIUS Act on small banks in rural areas. The act, signed into law in July by US President Donald Trump, allows cryptocurrency platforms to offer rewards for holding stablecoins, which could incentivize individuals and businesses to withdraw funds from local banks.