Traditional banks are trying to eliminate the yields of stablecoins, and digital currencies are fighting back!

A coalition of more than 125 companies in the cryptocurrency sector has resisted pressure from major banks aiming to prevent stablecoin yield products under the law #GENIUS . 🚨

Here are the details 👇

💥 Banks claim that the yields of stablecoins threaten deposit rules and are seeking to tighten regulations, even beyond what the GENIUS Act has already prohibited for issuers.

💸 Cryptocurrency companies argue that allowing platforms to offer legal rewards was a deliberate concession to the law, and that shutting them down now would harm innovation and consumers.

🔥 The alliance says that banks are actually defending low-cost deposits and revenue models, not security.

📊 Some estimates from banking lobby groups suggest that as much as $6.6 trillion in commercial deposits could leave if stablecoin yields rise.

⚠️ The banking sector sees that expanded restrictions undermine regulatory certainty and innovation.

It is a structural struggle over who will win the revenues from real digital currencies.
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