tldr; Over 125 cryptocurrency industry participants, led by the Blockchain Association, oppose expanding restrictions on stablecoin rewards through new legislation. The GENIUS Act prohibits stablecoin issuers from offering interest, but banks want this extended to platforms providing rewards. The industry argues Congress intended to allow lawful rewards by intermediaries. Banks fear deposit outflows, but the crypto sector disputes these claims, suggesting opposition is driven by protecting traditional banking revenue models rather than safety concerns.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
DryMyBottom on
In the fight between banks and crypto firms, I wanna see people winning
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tldr; Over 125 cryptocurrency industry participants, led by the Blockchain Association, oppose expanding restrictions on stablecoin rewards through new legislation. The GENIUS Act prohibits stablecoin issuers from offering interest, but banks want this extended to platforms providing rewards. The industry argues Congress intended to allow lawful rewards by intermediaries. Banks fear deposit outflows, but the crypto sector disputes these claims, suggesting opposition is driven by protecting traditional banking revenue models rather than safety concerns.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
In the fight between banks and crypto firms, I wanna see people winning