GENIUS Act Suggested Changes Outrage Crypto Executives

Crypto executives and industry groups are protesting suggested changes to the GENIUS Act, a stablecoin regulation, arguing that these changes would undermine competition and potentially weaken the US dollar's global standing. Community banks are lobbying to ban stablecoin issuers from offering yield to tokenholders through third parties, claiming it protects their lending abilities. However, the Blockchain Association argues there's “no evidence” stablecoin adoption harms banks, and that stablecoin rewards benefit everyday people more than low-yield bank accounts. Pro-crypto lawyer John Deaton warns that altering the GENIUS Act could be “a national security trap,” potentially incentivizing the use of China’s interest-bearing digital yuan. Other industry leaders, like Mike Novogratz, urge banks to compete with innovation rather than stifle it.

(Source：Cointelegraph)