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Crypto groups clash with banking associations over US GENIUS Act

By Neil Roland ( August 20, 2025, 23:14 GMT | Insight) -- Crypto groups locked horns with banking associations over the GENIUS Act, urging the US Senate Banking Committee not to backtrack on the new law’s allowance of non-financial companies to issue stablecoins.  “The demand to categorically ban all non-financial companies from issuing payment stablecoins — even under rigorous safeguards — is an extreme, anti-competitive overreach,” the letter said. “Innovation in payments has often come from outside the traditional banking sector.”  Banking groups such as the American Banking Association said the GENIUS Act allows for risky exceptions to the separation of banking and commerce.Crypto groups locked horns with banking associations over the GENIUS Act, urging the US Senate Banking Committee not to backtrack on the new law’s allowance of non-financial companies to issue stablecoins....

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