Stressing that protecting community banks is a bipartisan issue, Sen. Angela Alsobrooks (D-Md.) today said she is working on a compromise with Sen. Thom Tillis (R-N.C.) to address a legal loophole that could allow cryptocurrency firms to bypass the Genius Act’s prohibition on payment of interest on stablecoins.
Alsobrooks – a member of the Senate Banking Committee – participated in a Q&A at the American Bankers Association’s Washington Summit. She told the bankers in attendance that their voices are “critically important” as lawmakers consider using proposed market structure legislation to close the loophole.
“It is also really important to a good number of our states, who have said, unequivocally, ‘we want to protect our banking system; we want to protect our community banks,’” she said.
Alsobrooks didn’t share any details of the possible compromise except that all sides will probably need to walk away not getting everything they want. “What we don’t want to happen is to have the status quo,” she said.
