Two of the main defense agencies of the cryptocurrency industry are rejecting the last attempt of the Wall Street bankers to reverse the new Stablcoin Law of the United States.
In a joint letter to the Senate Banking Committee on Tuesday, the Crypto Council for Innovation (CCI) and the Blockchain Association urged legislators to reject the recommendations of the American Banqueros Association (ABA) and state banking groups.
As reported, several American banking groups, led by the Bank Policy Institute (BPI), have urged Congress to harden the Genius law when closing what they call a escape that could allow Stablecoin emitters and their affiliates to pay.
In a letter sent last Tuesday, the groups warned that not addressing the gap could drain up to $ 6.6 billion of traditional bank deposits, threatening the flow of credit to homes and companies.
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Stablecoin Laguna Performance
The bankers also argued that, although the Genius law prohibits Stablecoin’s own issues to offer performance, it does not explicitly prevents exchanges or affiliates to do so. They affirmed that this runs the risk of giving Stablecoins a competitive advantage by attracting users with returns similar to savings accounts, without subjecting them to the same bank rules.
The cryptographic groups accused the bank lobby of trying to re -relied the problems that have already been solved in months of negotiations, warning that the proposing reviews would be the field towards traditional banks while suffocating innovation and the choice of consumer.
“Payment stable are not bank deposits, or money market funds, or investment products, and therefore are not regulated in the same way,” wrote cryptographic defense groups. “Unlike bank deposits, payment stable are not used to finance loans,” they added.
The letter indicated section 16 (d) of the Law, which allows the subsidiaries of institutions with a state -of -the -law lines of Stablecoin business with Wood that require additional licenses.
Banking groups want the repealing clause, but CCI and the Blockchain association argued that it will recreate it “the same fragmented and balcanized regulation that stifles interstate trade.”
They also retreated against the statements that Stablecoins of Performance could drain the deposits of community banks. They cited an analysis of July 2025 by Charles River Associates, which did not find a significant link between the growth of Stablecoin and the bank outings.
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Stablecoins yield is crossed $ 800 million in payments
The performance stablcoins have distributed more than $ 800 million in total yields for holders so far, according to a recent position of StableWatch. During the last 30 days, Ethena opted for the USDE (ITSD) led payments with $ 30.71 million, followed by Buidl de Securitize at $ 8.39 million and the USDE of Ecosystem Sky Ecosystem with $ 6.78 million.
The total market capitalization of STABLECINS is currently at $ 288 billion, a fraction of the US dollar money supply, which the Federal Reserve reported as $ 22 billion at the end of June.
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