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Bipartisan Stablecoin Bill Faces Challenges from Major Banks

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Stablecoin regulation is under pressure as major banks push to revise the bipartisan GENIUS Act. They want to block rewards for third-party stablecoin holders, warning of deposit risks. Critics say this could hurt competition, noting that regulated stablecoins are asset-backed and rewards are standard in finance. Crypto legislation moves forward, with implementation set to run through 2026.
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