Coinbase has publicly opposed a U.S. bank group's proposal to ban rewards, cashback, and discounts for stablecoin payments, labeling the move as 'un-American.' The controversy arises from the GENIUS Act, which restricts stablecoin issuers from offering interest or returns but does not explicitly apply to exchanges or related businesses. Coinbase's Chief Policy Officer, Faryar Shirzad, criticized the bank group's interpretation, urging regulators to adhere strictly to the statutory language. The bank group contends that economic benefits derived from stablecoin issuers create 'indirect benefits' for third parties. Coinbase argues that stablecoins could save U.S. merchants over $18 billion in card fees in 2024, but claims that 'big banks' are obstructing the potential disruption of traditional payment systems.