Hundreds of Crypto Firms Slam US Bank’s Lobby to Prohibit Stablecoin Yields
A coalition of more than 125 cryptocurrency companies and advocacy groups has launched a coordinated offensive against US banking lobbyists. The group includes major crypto firms such as Coinbase, Gemini, and Kraken.
The move escalates a high-stakes battle over who has the right to pay interest on stablecoin deposits.
The main bone of contention is that the GENIUS Act explicitly prohibits stablecoin issuers like Tether from paying dividends.
However, there is currently a loophole that allows third-party platforms, such as crypto exchanges, to pass this stablecoin yield on to users.
As a result, traditional banking groups are…
