The crypto industry opposes banks amending the GENIUS stablecoin bill The crypto industry organizations Crypto Council for Innovation and Blockchain Association have sent a letter to the US Senate Banking Committee opposing the banking group's proposal to amend the GENIUS stablecoin bill. The banking industry proposes to remove clauses that allow state chartered agency subsidiaries to support stablecoin issuance across states, stating that it could trigger regulatory arbitrage and drain up to $6.6 trillion in deposits. The cryptocurrency industry has stated that research has shown no significant correlation between stablecoins and bank deposit outflows, and believes that allowing stablecoin users to earn profits can promote fair competition, especially for consumers who are underserved by traditional banks.