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Stock impact report

125 Crypto Groups Tell Congress Stablecoin Yield Ban Favors Big Banks [Yahoo! Finance]

Coinbase Global, Inc. - Class A (COIN) 
US:NASDAQ Investor Relations: convertedorganic.com
Company Research Source: Yahoo! Finance
on stablecoin yields , warning that broader restrictions would eliminate consumer choice while protecting traditional banks from competition. The Blockchain Association led the coalition in a letter to Senate Banking Committee Chairman Tim Scott and Ranking Member Elizabeth Warren on Wednesday, arguing that attempts to reinterpret the law's yield ban represent protectionism rather than consumer protection. “ The push to restrict stablecoin rewards beyond that agreed to in GENIUS is not a technical refinement or a consumer protection fix, ” the letter stated. “ It would prohibit the same types of incentive programs for stablecoin payments that banks have long offered on credit cards and other types of payment services. “ The dispute centers on whether platforms like Coinbase and PayPal can offer rewards to stablecoin users through loyalty programs and third-party incentives. While the GENIUS Act explicitly prohibits stablecoin issuers from paying interest directly to holders, Show less Read more
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