The number of generative AI users in China exceeds 500 million

Ripple’s native token XRP is still battling out with the bears at the $1.90 territory on Friday afternoon. The support-turned-resistance at $1.90 is particularly

Metaplanet Inc., the Japanese public company known for its bitcoin treasury, is launching a Miami subsidiary to run a dedicated derivatives and income strategy aimed at turning holdings into steady, U.S.-based cash flow. Japanese Bitcoin Treasury Player Metaplanet Opens Miami Outpost The new entity, Metaplanet Income Corp., sits under Metaplanet Holdings, Inc. and is based […]

The post The GENIUS Act Is Already Law. Banks Shouldn’t Try to Rewrite It Now appeared on BitcoinEthereumNews.com. Healthy competition drives innovation and better products for consumers; it is at the center of American economic leadership. Unfortunately, now that the bipartisan GENIUS Act has been signed into law, major legacy financial institutions seem to be having second thoughts about the innovations that stablecoins can bring to financial markets. Bank lobbying groups and public affairs teams have been peppering Congress with complaints about the law, urging members to reopen debate and introduce changes to the legislation that will ensure the stablecoin market doesn’t grow too quickly, protecting banks’ profits and stifling consumer choice. This reactionary response is both overblown and unnecessary. What legacy financial firms should do instead is embrace competition and offer exciting new products and services that consumers want, not try to kneecap emerging players through anti-innovation rules and regulations. The GENIUS Act was carefully designed with a thorough bipartisan process to strengthen consumer safeguards, ensure regulatory oversight, and preserve financial stability. Efforts to roll back its provisions are less about protecting families and more about protecting entrenched banking interests from the competition that helps ensure the U.S. banking system stays the strongest and most innovative in the world. Critics warn that allowing stablecoins to provide rewards could lead to massive deposit outflows from community banks, with figures as high as $6.6 trillion cited. But closer examination shows this fear is unfounded. A July 2025 analysis by consulting firm Charles River Associates found no statistically significant relationship between stablecoin adoption and community bank deposit outflows. In fact, the overwhelming majority of stablecoin reserves remain in the traditional financial system — either in commercial bank accounts or in short-term Treasuries — where they continue to support liquidity and credit in the broader U.S. economy. The dire estimates rely on unrealistic assumptions that every dollar of stablecoin issuance permanently…