Trump criticizes banks for stalling GENIUS Act crypto reforms

President Trump criticized major banks for allegedly trying to undermine the GENIUS Act, which aims to provide oversight for stablecoin issuers while promoting financial stability. He urged Congress to pass the legislation promptly, expressing that it is essential for reforming the crypto market structure. This act has faced resistance from traditional banks, which argue that some of its provisions unfairly benefit non-bank competitors in the stablecoin sector.

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