Core Argument - The loophole in the GENIUS Act poses a significant threat to financial inclusion by allowing stablecoin issuers to operate without the same regulations as traditional banks, potentially draining resources from underserved communities [1][2][3]. Group 1: Impact on Underserved Communities - Underserved communities have historically faced barriers to credit and opportunity, and the current loophole in the GENIUS Act could exacerbate these issues by diverting essential credit away from these areas [3][9]. - The potential migration of $6.6 trillion from insured bank deposits to stablecoins could lead to fewer mortgages for first-time homebuyers and minority-owned businesses, as well as increased borrowing costs in vulnerable communities [9][12]. Group 2: Regulatory Concerns - Stablecoin issuers are attempting to replicate traditional banking functions without adhering to the necessary regulations that ensure financial stability, such as capital requirements and deposit insurance [4][10]. - The workaround that allows cryptocurrency companies to offer rewards structured as interest-bearing accounts undermines the intent of the GENIUS Act and poses risks to the financial system [5][11]. Group 3: Call to Action - Congress has the opportunity to prevent a financial crisis by closing the stablecoin loophole, ensuring that entities acting like banks are subject to the same regulations [10][12]. - The ongoing existence of this loophole increases systemic risk and threatens to deepen the financial struggles of already marginalized communities [12][13].