A big coalition of banks, consumer advocates and state regulators is urging leaders of the Senate Banking Committee to use upcoming crypto talks to strike a section of the GENIUS Act.
The groups are warning the law, as enacted, could result in “unprecedented” changes to money transmitter laws.
The GENIUS Act was enacted in July and would regulate stablecoins. The coalition asked Sens. Tim Scott (R-S.C.), Elizabeth Warren (D-Mass.), Cynthia Lummis (R-Wyo.) and Ruben Gallego (D-Ariz.) to go back and strike section 16(d) of the bill as Congress begins the next step of crypto legislative reforms.
