Over 125 crypto firms defend stablecoin rewards against banking industry restrictions through congressional letter.
GENIUS Act separates stablecoin issuers from platforms, allowing exchanges to offer competitive customer rewards.
Over 125 crypto companies have come together to form a coalition that aims to safeguard stablecoin reward programs from limitations that may be imposed by the traditional banking sector. This group of companies has written a letter to Congress advocating for their freedom to provide attractive returns to clients via digital assets.
The disagreement is about the GENIUS Act, which defines distinct roles for stablecoin issuers and the intermediaries that are the platforms, such as exchanges. According to this setting, issuers are not allowed to give interest in a direct way, but platforms still have the option to offer rewards to their users.
Banking Industry Challenges Stablecoin Platform Rewards
Tyler Winklevoss, Gemini co-founder, in a tweet, l
We współpracy z: https://thenewscrypto.com/crypto-giants-battle-banks-over-stablecoin-reward-programs/
