Banks are proposing amendments to the GENIUS Act, a stablecoin law, facing strong resistance from crypto industry groups like the Crypto Council for Innovation and Blockchain Association. These changes could reshape financial markets significantly. 💰 🏦 📈 🌎 🎲
The banking lobby asserts that these amendments would mitigate risks of $6.6 trillion potential risk to bank deposits. They argue for greater control over stablecoin use, while crypto groups challenge this claim by citing data showing no significant link between stablecoin growth and bank deposit withdrawals. 📊 👀
Despite this opposition, the proposed changes have raised concerns about market shifts affecting DeFi ecosystems. The legal battles continue as stakeholders monitor these developments closely. 🔎