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Online EducationCompliance AllianceABA: Stablecoins & the GENIUS Act: What Every Bank Needs to Know Now
ABA also offers the following resources on the GENIUS Act and stablecoins:
Back to TopABA Banking Journal: Report: More states creating restrictions on crypto ATMsJuly 30, 2025
A growing number of states have enacted or are considering new regulations on cryptocurrency ATMs to crack down on fraud involving the machines, according to AARP. So far this year, 20 states have drafted or passed laws and regulations governing crypto ATMs, AARP reported. A recent example is Colorado, which in June enacted a new law requiring crypto ATMs owners to warn customers about potential fraud and established dollar limits on daily transactions through machines. In a report last year, the Federal Trade Commission said Americans lost at least $65 million to fraud involving crypto ATMs during half of 2024, with the figure likely higher since most fraud isn’t reported. People ages 60 and over were more than three times as likely as younger adults to report a loss using a crypto ATM, and they accounted for two of every three dollars reported lost to fraud through the machines. Some states began taking action against crypto ATMs before new regulations were in place. In February, Iowa’s attorney general’s office sued the state’s two largest crypto ATM operators over alleged failures that allowed Iowans to transfer millions of dollars to scammers through their kiosks. The office said an investigation found that hundreds of Iowans sent more than $20 million through the ATMs in a less than three-year period, with a majority of scam victims over age 60. ABA Banking Journal: Senate Banking Committee advances bill to accelerate housing constructionJuly 29, 2025
The ROAD to Housing Act, sponsored by committee Chairman Tim Scott (R-S.C.) and Ranking Member Elizabeth Warren (D-Mass.), incorporates legislation from members across the committee. The bill included language to reward communities that build more housing supply, ease environmental review of new construction, rethink regulations to hamper additional lending for small-dollar mortgages, and expand tenant assistance and protections. In a letter to committee leaders, ABA listed several provisions that it supports. They include:
Back to topABA Banking Journal: Budget reconciliation includes rural and agricultural benefitsJuly 15, 2025
Any real property that is substantially used for the production of agricultural products; Any real property that is substantially used in the trade or business of fishing or seafood processing; and Any aquaculture facility. In addition, the legislation also prohibits qualifying loans for the ACRE tax benefit if the loan is a refinancing of a loan made prior to the passage of the One Big Beautiful Bill Act.The bill also provides language for ACRE to conform with section 265 of the Internal Revenue Code of 1986. This will ensure that loans using the ACRE tax benefit will have proper interest expensing based on the 25% tax benefit.While the law is effective immediately, implementing guidance and regulations are needed to help further define the eligibility of loans and refine the definition of refinancing, among other clarifications. ABA will continue to engage IRS and Congress to ensure the statue is implemented as intended and in a way that functions most efficiently for lenders. Editor’s note: ABA has provided a members-only staff analysis to help outline the bill’s effect on rural and agricultural communities, including ACRE and other provisions. Back to TopCISA News: Scammers Unleash Flood of Slick Online Gaming SitesJuly 30, 2025
The scam begins with deceptive ads posted on social media that claim the wagering sites are working in partnership with popular social media personalities, such as Mr. Beast, who recently launched a gaming business called Beast Games. The ads invariably state that by using a supplied “promo code,” interested players can claim a $2,500 credit on the advertised gaming website. The gaming sites all require users to create a free account to claim their $2,500 credit, which they can use to play any number of extremely polished video games that ask users to bet on each action. At the scam website gamblerbeast[.]com, for example, visitors can pick from dozens of games like B-Ball Blitz, in which you play a basketball pro who is taking shots from the free throw line against a single opponent, and you bet on your ability to sink each shot. The financial part of this scam begins when users try to cash out any “winnings.” At that point, the gaming site will reject the request and prompt the user to make a “verification deposit” of cryptocurrency — typically around $100 — before any money can be distributed. Those who deposit cryptocurrency funds are soon asked for additional payments.
However, any “winnings” displayed by these gaming sites are a complete fantasy, and players who deposit cryptocurrency funds will never see that money again. Compounding the problem, victims likely will soon be peppered with come-ons from “recovery experts” who peddle dubious claims on social media networks about being able to retrieve funds lost to such scams. KrebsOnSecurity first learned about this network of phony betting sites from a Discord user who asked to be identified only by their screen name: “Thereallo” is a 17-year-old developer who operates multiple Discord servers and said they began digging deeper after users started complaining of being inundated with misleading spam messages promoting the sites. “We were being spammed relentlessly by these scam posts from compromised or purchased [Discord] accounts,” Thereallo said. “I got frustrated with just banning and deleting, so I started to investigate the infrastructure behind the scam messages. This is not a one-off site, it’s a scalable criminal enterprise with a clear playbook, technical fingerprints, and financial infrastructure.” After comparing the code on the gaming sites promoted via spam messages, Thereallo found they all invoked the same API key for an online chatbot that appears to be in limited use or else is custom-made. Indeed, a scan for that API key at the threat hunting platform Silent Push reveals at least 1,270 recently-registered and active domains whose names all invoke some type of gaming or wagering theme.
Thereallo said the operators of this scam empire appear to generate a unique Bitcoin wallet for each gaming domain they deploy. “This is a decoy wallet,” Thereallo explained. “Once the victim deposits funds, they are never able to withdraw any money. Any attempts to contact the ‘Live Support’ are handled by a combination of AI and human operators who eventually block the user. The chat system is self-hosted, making it difficult to report to third-party service providers.” Thereallo discovered another feature common to all of these scam gambling sites [hereafter referred to simply as “scambling” sites]: If you register at one of them and then very quickly try to register at a sister property of theirs from the same Internet address and device, the registration request is denied at the second site. “I registered on one site, then hopped to another to register again,” Thereallo said. Instead, the second site returned an error stating that a new account couldn’t be created for another 10 minutes.
“They’re tracking my VPN IP across their entire network,” Thereallo explained. “My password manager also proved it. It tried to use my dummy email on a site I had never visited, and the site told me the account already existed. So it’s definitely one entity running a single platform with 1,200+ different domain names as front-ends. This explains how their support works, a central pool of agents handling all the sites. It also explains why they’re so strict about not giving out wallet addresses; it’s a network-wide policy.” In many ways, these scambling sites borrow from the playbook of “pig butchering” schemes, a rampant and far more elaborate crime in which people are gradually lured by flirtatious strangers online into investing in fraudulent cryptocurrency trading platforms. Pig butchering scams are typically powered by people in Asia who have been kidnapped and threatened with physical harm or worse unless they sit in a cubicle and scam Westerners on the Internet all day. In contrast, these scambling sites tend to steal far less money from individual victims, but their cookie-cutter nature and automated support components may enable their operators to extract payments from a large number of people in far less time, and with considerably less risk and up-front investment. Silent Push’s Zach Edwards said the proprietors of this scambling empire are spending big money to make the sites look and feel like some fancy new type of casino. “That’s a very odd type of pig butchering network and not like what we typically see, with much lower investments in the sites and lures,” Edwards said. Here is a list of all domains that Silent Push found were using the scambling network’s chat API. Back to Top |
The GENIUS Act has passed, and a new avenue for payments is on the horizon. During a free webinar for members on Tuesday, Aug. 5, at 1 p.m. ET, ABA’s Brooke Ybarra will unpack the GENIUS Act’s most critical provisions, including issuer requirements, prudential standards and oversight mechanisms. Attendees will gain a clear understanding of how the legislation affects banking — and what it means for their institutions.
The Senate Banking Committee today unanimously voted to advance bipartisan legislation to boost housing supply by removing regulatory barriers and creating incentives for communities that build more homes. Ahead of the hearing, the American Bankers Association 
The massive budget reconciliation bill signed by President Trump earlier this month included several ABA-supported tax provisions related to banks. One of those was the Access to Credit for our Rural Economy Act, or ACRE. While the version included in the final legislation is modified from ABA’s original ACRE proposal, there remains significant relief for rural and agricultural communities. Primarily, qualified lenders will be able to exclude from gross income 25% of interest income derived from certain qualified real estate loans without a sunset date. What this means for farmers and ranchers is that they will receive benefits by banks passing the savings from ACRE on through interest rate changes and through a more competitive lending environment. A qualified real estate loan includes:
Fraudsters are flooding Discord and other social media platforms with ads for hundreds of polished online gaming and wagering websites that lure people with free credits and eventually abscond with any cryptocurrency funds deposited by players. Here’s a closer look at the social engineering tactics and remarkable traits of this sprawling network of more than 1,200 scam sites.
