The Blockchain Association led a broad industry push this week, asking Senate Banking leaders to resist efforts that would widen a ban on stablecoin yields beyond what congress wrote into law.
According to the association, the letter was signed by more than 125 crypto and fintech groups and companies and was sent to lawmakers to warn against reinterpreting the new rules in a way that would also bar exchanges and apps from offering rewards tied to stablecoin holdings.
Preserving Platforms’ Ability To Offer Rewards
The coalitionS argument rests on the text of the GENIUS Act, which was signed into law earlier this year by US President Donald Trump and explicitly bars permitted stablecoin issuers from paying interest or yield directly to holders.
Reports have disclosed that the statute nevertheless leaves room for third-party platforms to provide incentives, a distinction industry groups say is intentional and significant for competition.
The letter pushes back against attempts to bar crypto platforms from offering yield to customers. Source: