According to Cointelegraph on the 10th (local time), two months have passed since President Donald Trump signed the GENIUS Act, and Alabama
Rep. Kelly, who represents the state's 12th Congressional District, expressed concern that "this bill could devastate the economies of rural areas like Alabama."
"If loopholes in the GENIUS bill are exploited, it could lead to local
Kelly said the bill allows cryptocurrency platforms to offer financial rewards, which could be a huge blow to small and medium-sized banks in the region.
"Unlike large banks, community banks rely on local depositors for their loans," Kelly said.
"A decline in deposits will severely limit the ability to provide loans to individuals, households and small businesses," he said, adding, "particularly in rural agricultural communities where profit margins are thin and seasonal cash flow is crucial."
"In a world where the loss of a trusted lending partner can be devastating," he added. The GENIUS Act was signed into law on July 18 but does not take immediate effect. The bill was approved by the U.S. Treasury and Federal Reserve.
The Federal Reserve Board must finalize the relevant rules, and the Treasury Department opened a public comment process on illegal activity detection in August.
Proponents of the bill say GENIUS will provide regulatory clarity for stablecoin issuers and foster innovation in the United States.
But opponents warn there are other concerns beyond the issue of issuers indirectly paying out profits, said Robert G. McCarthy, a research fellow at Harvard University's Kennedy School and former director of the Commodity Futures Trading Commission (CFTC).
Committee Chairman Timothy Massad said the bill "does not adequately close the foreign issuer loopholes," adding that it puts domestic issuers at a greater disadvantage.
He emphasized that this could lead to
2025/09/11 15:34 KST
Copyright(C) BlockchainToday wowkorea.jp 117