GENIUS Act Under Fire: Coinbase CEO Warns Banks Against Reopening Stablecoin Law

TLDR Brian Armstrong says reopening the GENIUS Act would weaken competition and delay blockchain-based payment adoption Bank lobbying targets stablecoin reward structures that challenge traditional deposit and yield economics The GENIUS Act sets strict reserve, disclosure, and consumer protection rules for U.S. payment stablecoins Industry leaders expect banks to adopt blockchain rails once revenue opportunities [...]

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