HomeLBank News Center
Banks push back on GENIUS Act rules as Agora races for a federal charter
banks-push-back-on-genius-act-stablecoin-rules
Banks push back on GENIUS Act rules as Agora races for a federal charter
The American Bankers Association and the Bank Policy Institute asked Treasury and the FDIC to wait 60 days after the OCC finishes its framework before running parallel comment periods, arguing the proposals are structurally interdependent.Agora CEO Nick van Eck called the banks’ stance “not much of a surprise,” adding that their real concern is deposit flight and the loss of yield spread between near-zero deposit rates and Fed reserves.Van Eck said Agora’s charter, if approved by year-end, would allow the company to issue stablecoins directly under federal oversight and eliminate what he called “egregious fees” in fiat-to-crypto on/off ramps.
2026-05-01 Source:crypto.news
https://jid.rerrkvifj.com/media/content/news/v5t_0502010314957/v5t_0502010314957.text