Congress advances the GENIUS Act, which is expected to require licenses for stablecoin issuers, a growing number of crypto firms including Ripple are applying for bank charters in anticipation of the legislation

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The move places Ripple among a growing cohort of crypto companies seeking bank charters in anticipation of the GENIUS Act, which is expected to require such licenses for stablecoin issuers.
With Congress set to advance legislation that brings stablecoins into the financial mainstream, that moment is approaching. A growing number of crypto firms plan to apply for bank charters ahead of the passage of the Genius Act, which would make those licenses a requirement.