Sate Senator Keith Kelley of Alabama echoed concerns made by some banking groups after the passage of the GENIUS Act in July.
Keith Kelley, a Republican state senator representing Alabama’s 12th district, is sounding the alarm for the potential impact of the federal stablecoin bill, the GENIUS Act, two months after it was signed into law by US President Donald Trump.
In a Wednesday op-ed for 1819 News, Kelley said there was a loophole in the GENIUS Act that, if exploited, could “devastate” the economies of rural areas like many in Alabama.
According to the senator, the bill would allow “cryptocurrency platforms to distribute financial rewards,” incentivizing people to withdraw funds or close accounts at small community banks in the state.
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