Alabama GENIUS Act Sparks Concerns Over Small Bank Fallout

Senator Keith Kelley has raised alarms about the potential impact of Alabama’s recently enacted GENIUS Act on its local banks. He believes the legislation, which aims to regulate stablecoins, might unintentionally harm smaller financial institutions that play a crucial role in supporting rural communities. The senator highlighted how these institutions often serve as critical lenders for farmers, small businesses, and families who may struggle to access funding from larger banks.