The American Bankers Association and 52 other organizations jointly called for amendments to the Stablecoin Act

On August 15th, Coindesk reported that the American Bankers Association and other bank lobbying groups, along with 52 banker organizations including the American Financial Reform Organization (usually a staunch opponent of Wall Street policy goals) and the National Consumer Law Center, jointly wrote to the leadership of the Senate Banking Committee, requesting amendments to the stablecoin bill known as the "GENIUS Act."

In one letter, bank lobbying groups and consumer groups requested the removal of a provision in the bill that allows state-chartered uninsured depository institutions to gain a commercial advantage in competition; in another letter, bankers requested a ban on stablecoin-related companies from providing returns. Lobbyists requested that future cryptocurrency market structure legislation be used to completely revise the new stablecoin bill.