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US banks warn of gap in the Genius Act: Stable coin emitters could bypass interest payments to investors.
US banks warn of gap in the Genius Act regarding stable coins In the past few weeks, US banks have warned of a potential gap in the Genius Act, which could enable issuers of stablecoins to avoid the existing restrictions for paying returns to the owner. This new development throws important questions about regulation and security in the area ...
US banks warn of gap in the Genius Act: Stable coin emitters could bypass interest payments to investors.
US banks warn of gap in the Genius Act regarding StableCoins
In the past few weeks, US banks have warned of a potential gap in the Genius Act, which could enable issuers of stablecoins to avoid the existing restrictions on paying returns to the keeper. This new development raises important questions about regulation and security in the field of digital currencies.The Genius Act, which aims to define the framework for the regulation of stablecoins, could, according to the banks, have weaknesses that allow issuers to deviate from the specified regulations. In particular, this could lead to StableCoin providers pay returns to their customers without fulfilling the strict requirements that apply to traditional financial institutions.
stable coins are digital currencies that are bound to stable assets such as the US dollar. They have gained great popularity in recent years, which has also increased the need for clear and specific regulation. The possibility that issuers can offer possible returns without having to stick to the existing guidelines could not only endanger the stability of the market, but also undermine the trust of consumers in these financial instruments.
The discussion about the regulation of stablecoins is becoming increasingly relevant, since more and more investors and consumers show interest in these digital currencies. The recommendation of the banks to close the gap in the Genius Act could be an important measure to maintain the integrity of the market and ensure that all providers follow the same standards.
In summary, the warning of the US banks is an important reference to the challenges associated with the regulation of stable coins. It remains to be seen how the legislators react to these concerns and what steps are taken to ensure the necessary compliance in the area of digital currencies.