U.S. Senators Receive 250K Messages Supporting Stablecoin Yield Protection
Crypto group Stand With Crypto mobilized its members to send over 250,000 messages to U.S. senators, opposing Wall Street banks' efforts to limit stablecoin rewards under the GENIUS Act.
The GENIUS Act, enacted this year, prohibits stablecoin issuers from offering direct yields but allows affiliates or exchanges to do so, which bankers argue could impact deposits and money-market funds.
Banking groups such as the American Bankers Association are campaigning to close the "interest loophole" for stablecoins, citing concerns over credit flow and financial market stability.
Stand With Crypto, founded by Coinbase, is actively defending the GENIUS Act, emphasizing consumer benefits of stablecoin rewards.
The implementation of the GENIUS Act is currently stalled due to a U.S. government shutdown caused by unresolved budgetary issues.
Stand With Crypto has garnered support from over 2.7 million crypto enthusiasts.
