US financial institutions’ trade associations object to Stablecoin Regulatory Framework in the House bill.

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US financial trade associations and state banking groups have expressed concerns over the stablecoin bill currently under review in the House of Representatives. The American Bankers Association, the Credit Union National Association, and the Consumer Bankers Association all raised issues over the current state charter option and called for increased federal oversight in addition to regulatory obligations. The trade groups want more information on limitations surrounding commercial companies’ involvement in payment stablecoin issuers to avoid increased arbitrage and systemic risk.

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