ABA, Associations Ask Agencies to Commit to Reproposing Conflicting Genius Act Rules

The American Bankers Association and other financial trade groups are urging FinCEN and the Federal Reserve to withdraw and rewrite a proposed rule under the GENIUS Act. They argue the current proposal, which would mandate querying a FinCEN database for every law enforcement request to combat fentanyl trafficking, is overly broad and operationally burdensome.

This Wire brief sits within Fusion42's coverage of Fintech. Wire is Fusion42's founder-focused intelligence feed: each story is connected to the funds and startups it names — every one with a live profile on Raise or Scout — so founders can follow the capital and the momentum behind the headline rather than just the headline itself. Wire analysis is one of the live surfaces Arthur reasons over.