This is not surprising.
Banks lobby US Treasury for blanket stablecoin yield ban, Coinbase pushes back
The Treasury is facing conflicting feedback on implementing the GENIUS Act, as banks like BPI and crypto exchange Coinbase clash over stablecoin interest.
The US Department of the Treasury is facing conflicting feedback from crypto companies and traditional banking groups over how to implement the GENIUS Act, the law that regulates stablecoin payments in the US.
In a letter on Tuesday, Coinbase urged the Treasury to limit a ban on stablecoin interest payments exclusively to stablecoin issuers, while allowing it for non-issuers, such as crypto exchanges. Coinbase said its proposal aligns with Congress’s intent when passing the legislation.
Here comes the usurpation. LOL!! I am not even sure that that is a word, but it sounded good. 😀
Yep. They are trying to use regulatory capture to ensure their business model continues.
This is why decentralization is crucial. Keep pushing things away from their hands and into areas that are untouchable. Over time, this will pull transactions away.
Yep. I am actually looking at running my own nodes for HIVE/BTC/others in 2026.
Don't know how that will go, but am going to give it a shot!