A coalition of over 125 cryptocurrency firms and advocacy groups, including major players like Coinbase, Gemini, and Kraken, is challenging US banks' efforts to restrict stablecoin regulation. The banks are lobbying for the GENIUS Act, which aims to prevent stablecoin issuers from offering yields, citing potential systemic risks and a possible $6.6 trillion capital outflow. On December 18, the crypto alliance formally urged the Senate Banking Committee to reject these expanded crypto ban measures, labeling the banks' push as protectionist. The coalition argues that such restrictions could stifle innovation and limit the growth of the digital asset sector.