#数字资产市场动态 The founder of a compliant platform recently made a bold statement on social media: Traditional banks are lobbying the U.S. Congress to amend the Genius Act, which is a bottom-line issue for them. He stated that he would absolutely not agree to any proposals that weaken the act and will firmly defend the rights of users and the entire crypto industry.

This industry insider further analyzed an interesting phenomenon — banks are now opposed to stablecoins, but after a few years, when they realize how much profit stablecoins can generate, their stance might do a 180-degree turn. By then, they are very likely to lobby Congress to allow stablecoins to offer yields and interest. He bluntly said that current lobbying efforts are ineffective and morally indefensible, and innovative companies are still caught in a difficult situation.

A detail worth noting in the current legal framework is: stablecoin issuers are prohibited from offering reward mechanisms, but exchange platforms can. Intermediaries like Gemini, a compliant platform, and Kraken have thus gained relevant rights, as the current legislation has already clarified this point. If bank-capital interests succeed in amending the law to prohibit these activities, the innovation space for stablecoins will be greatly compressed, and the development of the entire sector will inevitably be hindered.