Banking Industry Lobbying to Alter the “Genius Act”: Is It Too Late?

The banking sector is conducting a significant lobbying effort to modify portions of the “Genius Act.” Bankers contend that the legislation, as it currently stands, places unwarranted constraints on their ability to innovate and develop novel services. They argue that certain aspects of the Act are outdated and do not reflect recent advancements in financial technology. Critics, however, assert that these endeavors represent an attempt by major banks to undermine regulations designed to protect consumers and ensure the stability of the financial system. They emphasize that the proposed amendments could lead to heightened risks within the financial services industry and facilitate fraud and money laundering. The debate is heated, and it remains uncertain whether the banking lobby’s efforts will result in tangible changes to the law.