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Crypto executives and industry groups warned that proposed changes to the GENIUS Act could weaken competition and undermine the US dollar’s global standing.
The Blockchain Association said community banks are lobbying to ban third-party yield on stablecoins in a move it called an effort to block competition.
The group said there is no evidence that stablecoin adoption harms traditional banks or dismantles the financial system.
No new evidence. No new risks. Just incumbent pressure to shut out competition.
The Blockchain Association said.
Pro-crypto lawyer John Deaton warned that tightening the law would backfire strategically for the United States.
The stakes are higher than ever because China officially began paying interest on the Digital Yuan, making it a yield-bearing competitor to the USD.
John Deaton said.
Paradigm government affairs vice president Alexander Grieve said reversing rewards provisions would undo hard-won bipartisan progress.
Now, after false and alarmist bank cries, they’re looking to undo a key part: rewards.
Alexander Grieve said.
Galaxy Digital chief executive Mike Novogratz said US banks should compete rather than seek regulatory protection
Toughen up and compete. This is what innovation looks like.
Mike Novogratz said.