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Banks, crypto clash over stablecoin rewards in key Senate bill
A fight over whether stablecoin holders can receive reward payments has taken center stage in a push to secure bipartisan support for a key cryptocurrency market bill and advance the legislation out of the Senate Banking Committee. Despite initially being addressed in the GENIUS Act, a stablecoin President Trump bill signed into law in July, the rewards issue has continued to plague negotiations over the market structure legislation as the crypto and banking industries have launched dueling lobbying efforts. It now threatens to derail the market structure bill at a key juncture, as the Senate Banking Committee ... (full story)
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BREAKING: Coinbase CEO Brian Armstrong says the company cannot support Senate Banking crypto bill as written, citing defacto tokenized equities ban, DeFi prohibitions, and stablecoin rewards amendments that favor banks over competition. pic.twitter.com/YPFvuMgC7d
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