ABA again warns of loopholes in stablecoin bill

The American Bankers Association (ABA) has reiterated its call to address regulatory gaps in the proposed stablecoin legislation, known as the GENIUS Act, The Block reported. In a letter to the U.S. Senate, the ABA argued that the bill's provision for interest-bearing stablecoins lacks clear rules. The association warned this could shrink the pool of funds available for bank lending, which would in turn harm small businesses, farmers, and households.