What is the current regulatory debate in the US?

[cryptoenthusiast]

A: Banking groups, led by the Bank Policy Institute, are lobbying Congress to close a potential loophole in the GENIUS Act. They worry that stablecoin issuers could offer yields indirectly through exchanges or affiliates, competing with traditional banks.

On the other hand, crypto advocacy groups like the Crypto Council for Innovation and the Blockchain Association argue that restricting stablecoin innovation would tilt the playing field in favor of banks and stifle financial innovation. They urge lawmakers to ensure fair competition, allowing both stablecoins and banks to thrive.