U.S. Banks Seek Changes to GENIUS Stablecoin Act Due to "Loophole" Concerns
Banking Groups' Concerns: Major U.S. banking groups are lobbying to amend provisions of the GENIUS stablecoin Act, which they believe could negatively impact traditional finance by favoring crypto exchanges over banks.
Key Provisions of the GENIUS Act: The act, passed in July, prohibits stablecoin issuers from paying interest or yield to holders, aiming to maintain stability in the financial system and regulate the growing stablecoin market.
Potential Impact on Banking Sector: Banks warn that allowing crypto exchanges to offer yields could lead to significant outflows from traditional banks, potentially jeopardizing their stability, with estimates suggesting up to $6.6 trillion could shift away.
Crypto Industry Pushback: Representatives from the crypto sector argue that the concerns raised by banks are exaggerated, asserting that the ability for exchanges to offer rewards fosters competition and innovation, rather than being a loophole.
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Technical Analysis for
Technical Sentiment Analysis for () As of , () is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 0 technical signals, shows that 0 indicators are flashing buy, while 0 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
() Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | - | - | - | - | - | - | - |
| Fibonacci | - | - | - | - | - | - | - |
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