As it seeks to implement the Genius Act, the Treasury Department should not allow states to greatly expand the scope of services offered by payment stablecoin issuers beyond what is spelled out in the law, ABA said.
The Senate adjourned without holding a final vote on the Clarity Act, punting further action on the bill until at least September.
ABA supports requiring stablecoin issuers to comply with the Bank Secrecy Act and sanctions requirements, but proposed rulemaking to establish those standards needs further refinements, the association said in a letter to the FDIC.
A new committee to review state-level regulatory frameworks for stablecoins must adopt strong, transparent rules before it starts making decisions “that will shape the payment stablecoin market for years to come,” ABA and three bankers associations said.
Warning of the potential fallout for banks and the communities they serve, bank leaders from across the U.S. are urging Senate leaders to use the Clarity Act to close a loophole that allows digital asset service providers to...
As the various federal banking agencies race to establish separate regulations for stablecoin issuers, they should be open to reproposing any rule that conflicts with a regulation put forward by another agency, ABA and three banking associations said.
