The GENIUS Act has been signed for 10 months now, and banks are now asking for an extension.

Signed last July, it passed the Senate 68 to 30. The rules are straightforward — stablecoins must have a 1:1 reserve, publicly disclosed monthly, with either federal or state regulation as an option.
Tether and Circle are already revamping their compliance frameworks. But traditional banks are getting anxious — they’re not ready with their own stablecoin products, and once the Act goes live, it’s like slicing a piece of the deposit market pie for crypto-native players.
So in April, the banking alliance collectively petitioned: please give us another six months.
Interestingly, those who opposed crypto the most back then are now more afraid, not of crypto being too strong, but of entering the game too late.
This isn’t bearish news; it’s a reshuffle.
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