The Blockchain Association and 125 organizations in the cryptocurrency sector have sent a letter to the U.S. Senate opposing the expansion of yield restrictions on stablecoins in the GENIUS Act to the application layer and third-party platforms. According to the group, these measures risk stifling innovation and creating an unfair advantage for traditional banking systems.
The coalition argues that the yield mechanisms of stablecoins, including yield sharing, are similar to current credit card cashback programs. Banning or tightening yield sharing would undermine the competitiveness of stablecoins, limit user choices, and slow down the development of decentralized financial applications. The group urges lawmakers to build a balanced regulatory framework that both protects consumers and promotes innovation in digital finance.
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