Oklahoma Bankers Association We make bankers better!
Last year, President Trump signed the GENIUS Act, a bill to regulate payment stablecoins and protect consumers.
The new law makes it clear stablecoin issuers cannot offer interest on their digital dollars. This clear prohibition was added to protect Americans from confusing uninsured stablecoin wallets with insured bank deposits and to ensure the law did not create incentives that would undermine bank lending to small businesses and communities.
A loophole that allows other crypto companies to pay interest or other financial rewards on stablecoins, however, undermines this prohibition and puts everyday consumers at risk. A Treasury Department report estimates this special interest loophole could drain deposits from community banks, which limits their ability to fund loans for households and small businesses.
It’s estimated the potential deposit outflows from Oklahoma banks to payment stablecoins is $3.3 billion to $6.6 billion. Lost lending to Oklahoma households and businesses as a result of deposit outflow is $2.6 billion to $5.3 billion drop in loans.
Sen. Lankford has been outspoken about concerns with this current loophole. We must continue to let him that we are still concerned about closing the loophole!
Our ask is our bankers please take a quick minute to click on the link below to send both Oklahoma senators a message asking them to keep fighting for community banks in Oklahoma!
https://secureamericanopportunity.com/take-action/urge-senate-to-close-the-loophole/