For Brian Armstrong, banks have no intention of competing legitimately.
Analyst Cody Carbone asks not to compare Stablecoins rewards with bank interests.
The great banks of the United States have intensified their pressure to limit the rewards that users receive for maintaining stablocoins.
In the last hours, the Head of Legal Affairs of Coinbase (Chief Legal Officer, in English), Paul Grewal, launched harsh criticism against large banking institutions, which he accused of pressing the Nation Congress to eliminate these benefits.
«The big banks try to reverse the law [GENIUS]. They want a rescue because competing with products that often stink is, well, difficult. The rewards in Stablecoins must be maintained. This project entered into force a month ago and it is already law, ”Grewal wrote in a publication of social network X.
For the Executive, the stablcoins offer more possibilities than the instruments of the traditional financial system. When talking about “stinking” products, it refers to banks are aware that they cannot compete against them.
The background of the dispute is the genius law (Guiding and establishing National Innovation for Us Stablecoins), approved in the United States Representatives Chamber at the end of July, as reported cryptootics.
The project, approved with bipartisan support, establishes The first comprehensive regulatory framework for stable currencies in the US.guaranteeing that these assets are supported in a 1: 1 proportion for liquid reserves and that their emitters are subjected to periodic audits.
What the norm does not prohibit – and that banks want to restrict – are The rewards that the exchanges offer to users who keep Stablecoins.
For large banks, represented by pressure groups such as the Bank Policy Institute and the American Bankers Association, these rewards represent a problem. They calculate that up to 6.6 billion dollars In deposits they could move from traditional bank to the cryptocurrency ecosystem, and argue that this movement would reduce its ability to grant credits to the real economy.
Users exert citizen pressure
Grewal accompanied his publication With an invitation to his followers to join the initiative Stand with crya citizen pressure movement that seeks to mobilize users to defend their right to receive rewards for maintaining Stablecoins.
Grewal himself asked Americans to use the movement and contact their senators: “It is time to protect consumers respecting the law, not rescuing a broken system.”
The objective of the campaign is to ensure that the rewards for Stablecoins continue to be legal under Genius law, in addition to pressing Congress to establish a clear regulatory framework that fosters innovation, instead of giving in to the interests of the bank lobby.
For its part, The CEO of Coinbase, Brian Armstrong, also pronounced About the Banking Offensive. In his social networks he pointed out: «The hypocrisy of the banks again causes problems for cryptocurrencies. They want to take away the possibility of gaining rewards for maintaining Stablecoins. Competition is good for consumers. They are only angry because they are losing … ».
The businessman, like Grewal, invited users to join Stand with Crypto.
This debate about rewards does not end there. And it is that a few days ago, Cody Carbone, CEO of the digital chamber, a non -profit organization dedicated to promoting cryptocurrencies, defended These incentives in X, ensuring that “the rewards for Stablcoins are not legal lagoons.”
Carbone explained: «[Las recompensas] They are not the same as bank interests, they do not come with guaranteed yields and, often, depend on how users really use the platform ».
In this line, he stressed that the limitation of these incentives would only stop innovation: «People want options, better yields and innovation in payments. Putting rewards restrictions will only kill progress ».
Meanwhile, Emilie Choi, director of Coinbase Operations (or Chief Operating Offer, in English), affirmed that “If banks really wanted to protect consumers, they would spend more time developing better products and less time making lobby against companies that are surpassing them ». In addition, he said they will continue to fight to keep the rewards active.
Beyond what happens in the short term, this dispute shows the challenge of balanceing consumers protection with the freedom to innovate in a sector that quickly evolves. The way in which the conflict is resolved could not only redefine the relationship between banks and cryptocurrency companies, but also influence the adoption levels of the latter.