Warren, is this fear of banks losing their jobs or genuine concern about risks? Digital Chamber's rebuttal is quite interesting; stablecoins and deposits are indeed two different things.

Warren states that OCC's restriction on trust licensees to operate as a bank-like business may be illegal, or weaken regulation and increase systemic risk. Digital Chamber wrote to the OCC in defense, stating that the GENIUS Act creates a new category for federally regulated stablecoins, making the license reasonable; Coinbase, Ripple, and others do not hold FDIC deposits, and their stablecoin issuance/trusteeship cannot be equated with traditional banks.