The GENIUS Act's ban on yield-bearing stablecoins will stifle crypto innovation
According to Odaily, lawyer Jake Chervinsky posted on X stating that Congress has passed the GENIUS Act to ban yield-bearing stablecoins, thereby granting significant benefits to banks. He noted that this policy has never had a reasonable justification from the start and stifles an entire category of innovative crypto products. Currently, banks are attempting to further disrupt market structure, and he expressed his opposition to this.
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