The great US banks have increased pressure to limit the rewards users receive to maintain Stavrocoin.
In the final hours, Coinbase’s attorney general (Chief Justice of English) Paul Growal began to harsh criticise the large banking institutions.
«The great banks try to reverse the law (genius). They want rescue because it is difficult to compete with products that often emit foul odors. Stablecoins rewards must be maintained. The project came into effect a month ago, but it’s already law,” Grewal wrote in a publication on Social Network X.
For executives, stubcoin offers more possibilities than traditional financial systems. When talking about “smelling” products, it refers to the banks realizing that they cannot compete with them.
The background to the conflict is genius law (Guidelines and Establishment of National Innovation for Stablecoins), as well as reported Cryptootics, was approved in the US Delegation Office at the end of July.
This project is established with bipartisan support The first comprehensive regulatory framework for a stable US currency.ensuring that these assets are supported at a 1:1 percentage of liquid reserves and that their emitters are subject to regular audits.
What the standards don’t prohibit – and banks want to limit it – Rewards Exchanges provide to users who maintain Stablecoins.
For large banks, such as the Institute for Bank Policy and the Association of American Bankers, these rewards represent problems. They calculate it Up to $6.6 billion In deposits, they argue that they can move from traditional banks to the cryptocurrency ecosystem, and that this move reduces the ability to grant credit to the actual economy.
Users put pressure on citizens
Grewal accompanied his publications on an invitation to his followers to join the Stand with Crypto Initiative. This is a civil pressure movement that seeks to mobilize users to defend their right to receive compensation to maintain Stavrocoin.
Grewal himself asked Americans to use the movement to contact the senators.
The campaign’s aim is to ensure that Stablecoins’ compensation remains legal under the Genius Act, in addition to pushing Congress to establish a clear regulatory framework that encourages innovation, rather than succumbing to the interests of bank lobbys.
for that, Coinbase CEO Brian Armstrong also spoke about the bank’s attacks. On his social networks, he pointed out: «Bank hypocrisy brings about cryptocurrency problems once again. They want to rob the chances of getting rewarded to keep things stable. Competition is good for consumers. They’re just angry because they’re losing…».
Businessmen, like Growal, invited users to join Crypto and Stand.
This discussion of rewards doesn’t end there. And a few days ago, Cody Carbon, CEO of Digital Chamber, a nonprofit specializing in promoting cryptocurrency, defended these incentives with X, ensuring that “stubcoin rewards are not a legitimate gap.”
Carbone explained: “(Reward) is not the same as the profits of the bank and there is no guaranteed yield. It often depends on how users actually use the platform.”
The line emphasized that limiting these incentives would only stop innovation. Setting reward limits will only kill progress».
Meanwhile, Emily Choi, Director of Coinbase Operations (or the main sales offer in English), said.If banks really want to protect consumers, they will spend more time developing better products And it will take less time to create lobbies for companies that outweigh these ». He further stated that they will continue to fight to activate the reward.
Beyond what happens in the short term, this conflict exemplifies the challenge of balancing consumer protection and the challenge of freedom to innovate in a rapidly evolving sector. The way disputes are resolved not only redefine the relationship between banks and cryptocurrency companies, but it could also affect the latter level of adoption.
(tagstotranslate)Banks and Insurance
