ChainCatcher news, Coinbase CEO Brian Armstrong posted on platform X, stating that banks are lobbying the U.S. Congress to amend the GENIUS Act. Coinbase will absolutely not allow anyone to amend this act, as it is a red line for Coinbase, and will continue to safeguard the interests of customers and the cryptocurrency industry.
Brian Armstrong added that his personal prediction is that in a few years, once banks realize the huge business opportunities brought by stablecoins, they will change their stance and lobby the U.S. Congress to allow stablecoins to pay interest and yields. Therefore, what is being done now is completely futile (and also unethical), as the innovator’s dilemma always exists.
It is reported that currently, the GENIUS Act requires stablecoin issuers not to provide stablecoin rewards, but trading intermediary platforms like Gemini, Coinbase, and Kraken can, and have already been included in the current act. If traditional bankers amend the act to prohibit such actions, it will stifle stablecoin innovation.
