U.S. Blockchain Associations Oppose 'Genius' Amendment on Stablecoin Yield

On the 19th, U.S. cryptocurrency industry groups, including the Blockchain Association, submitted a letter to the leadership of the U.S. Senate Banking Committee, opposing the 'Genius' stablecoin law amendment proposed by the American Bankers Association (ABA). Last week, the ABA expressed concerns about the yields on stablecoins. The Genius Act, enacted last month, includes provisions that prohibit stablecoin issuers from offering yields or other rewards to stablecoin holders. However, the banking association argues that unless clear prohibitions are applied to cryptocurrency exchanges, indirect payments of yields could still be permitted...