Blockchain Association Opposes Stablecoin Yield Ban Extension
The Blockchain Association, representing over 125 crypto groups, has formally opposed proposed regulatory changes that would ban third-party providers from offering rewards to stablecoin holders.
In a letter to the US Senate Committee on Banking, the association argued that extending the yield prohibition under the GENIUS framework would stifle innovation and concentrate market power with traditional financial institutions. They contend that crypto-based rewards are comparable to incentives offered by credit card companies and banks, and that these opportunities help consumers combat inflation.
The FDIC has also proposed allowing traditional banks to issue stablecoins, suggesting a move towards integrating them into the regulated banking system. The Blockchain Association disputes claims that stablecoin rewards threaten banks, emphasizing regulatory parity for crypto platforms.
Cryptovka
Blockchain Association Opposes Yield Ban Extension for Stablecoins
The Blockchain Association, a prominent non-profit crypto advocacy organization, has formally signaled its opposition to proposed regulatory change...
