Crypto Groups Clash With Banks Over New Stablecoin Law

A new law designed to regulate stablecoins, known as the GENIUS Act, has triggered a clash between cryptocurrency advocates and traditional banking institutions in the US. Signed into law last month by President Trump, the Act aims to provide a legal framework for stablecoin issuers, promote competition, and expand financial access. However, major banks, led by the American Bankers Association (ABA), are calling for amendments to ensure it protects consumers from potential risks.