This is guest opinion column
Alabama’s community banks are woven into the daily lives of the people they serve. They finance first homes, help small businesses open their doors, and provide stability in uncertain times. Their ability to reinvest local deposits into local priorities is a key reason so many communities continue to grow and thrive. But today, a growing gap in federal crypto policy risks chipping away at this system, with consequences that could be felt by families across Alabama.
The issue at hand is a loophole in the GENIUS Act that allows crypto companies to offer yield on stablecoins. On its surface, that might sound like harmless innovation, but the reality is much more serious. By allowing stablecoin issuers to pay yield to stablecoin holders, this legislation effectively encourages a shift of deposits away from community banks and into lightly regulated crypto platforms…