Latest developments: Banking groups want regulators to pump the brakes on the Genius Act rollout.
- Major U.S. banks have asked for extended public comment periods before full implementation.
- Agora CEO Nick van Eck said the move is “not much of a surprise,” calling the law one of the most significant in banking history
- Van Eck expects continued efforts to slow the process over the next year as banks assess risks to their business models
Reading between the lines: The fight centers on deposits and yield economics.
- Van Eck argued banks’ real concern is “deposit flight” if stablecoin issuers can pass through rewards to users
- Traditional banks currently profit from the spread between near-zero deposit rates and higher returns at the Fed, he said
Why it matters: A unified federal framework could reshape U.S. finance.
- Van Eck said a national regime would boost innovation and global dollar adoption
- The Genius Act would require stablecoin issuers to operate as banks, raising the bar for entry
- The outcome could determine whether crypto firms or traditional banks dominate digital dollar infrastructure
Closer look: Agora is betting on a bank charter to compete.
- The firm filed for a national trust bank charter with the OCC last week, aiming for approval by year-end
- A charter would allow Agora to issue stablecoins directly under federal oversight
- Van Eck said direct issuance could eliminate “egregious fees” in fiat-to-crypto on/off ramps
What comes next: Agora is eyeing a broader financial stack.
- The company plans to expand beyond issuance into custody, compliance, and infrastructure services
- Van Eck said the goal is to bring businesses “on-chain without them knowing it,” emphasizing seamless integration
Source: https://www.coindesk.com/coindesk-news/2026/04/29/banks-push-to-slow-stablecoin-law-as-agora-races-for-charter
