Stand With Crypto, a pro-crypto advocacy group supported by Coinbase, has mobilized over 250,000 messages to U.S. senators, urging them to oppose Wall Street banks' efforts to restrict stablecoin rewards under the GENIUS Act. The group argues that banning stablecoin yields would negatively impact users of fully backed digital currencies.
The GENIUS Act, enacted earlier this year, currently prohibits stablecoin issuers from offering direct interest, though it permits affiliates or exchanges to do so. Banking groups, including the American Bankers Association, advocate for a complete ban, citing potential risks to credit flow and financial stability. Meanwhile, crypto lobbyists continue to defend the law as it undergoes early implementation amid a looming U.S. government budgetary shutdown.
Stand With Crypto Rallies Against Stablecoin Reward Restrictions
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