🚨 Crypto Industry Pushes Back: 125+ Firms Unite on Stablecoin Rewards 🔗💼

Over 125 leading crypto and fintech companies have come together to defend stablecoin rewards, as traditional banks intensify efforts to limit how digital platforms benefit users. This rare show of unity signals how high the stakes are for innovation, competition, and consumer choice in the U.S. payments space.

The coalition has urged lawmakers to keep the GENIUS Act unchanged, warning that proposed restrictions pushed by banking lobbies could tilt the playing field in favor of a few large institutions. Industry leaders argue the law already draws a clear line: stablecoin issuers cannot pay interest, but platforms are allowed to offer rewards, similar to how card networks provide incentives without being banks themselves.

Voices from across the ecosystem, including Gemini, Coinbase, and Kraken, support this stance. The initiative was coordinated by the Blockchain Association, which cautioned that extending banking-style limits to platforms could stifle competition.

💡 Why it matters for users

Traditional bank accounts offer very low returns on average

Stablecoin reward programs give users more value and flexibility

Limiting rewards could reduce choices and slow payment

innovation

With banks themselves exploring stablecoin issuance, the industry says restricting platform rewards now would consolidate power and hurt smaller players. The message to policymakers is clear: protect fair competition, support innovation, and keep consumer benefits intact.

Watch this space the future of digital payments is being shaped right now