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,…