Will the GENIUS Act help small banks or will it accelerate their decline?

U.S. Senator Tommy Tuberville criticized the GENIUS Act, warning that the bill could favor large institutions and tech companies, thereby harming the interests of small banks. The bill aims to promote startups through capital access incentives, but may also accelerate banking consolidation, as the number of small banks has dropped sharply from 12,000 in the 1980s to less than 4,500 today, according to the Federal Deposit Insurance Corporation (FDIC) data. Tuberville seeks to amend the bill to ensure fair competition and prevent small institutions from overloading regulatory burdens.