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Lawmakers press regulators on implementing the Genius Act and the impact of stablecoins on community banks
Summary
Congress pressed regulators about the Genius Act rule‑writing timetable, deposit flight risks from interest‑bearing stablecoins, and how stablecoin reserves should be defined and protected by regulation.
Members pressed regulators on the implementation timeline and supervisory approach for payment stablecoins under the Genius Act, focusing on near‑term deadlines and potential deposit disintermediation.
Rep. Lynch and others asked whether traditional banks should be allowed to engage with digital assets. Vice Chair Bowman clarified the Fed’s view: ‘‘We are working to provide clarity on digital assets ... as required…
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