Odaily Odaily reports that Coinbase CEO Brian Armstrong posted on the X platform that banks are lobbying Congress to amend the Genius Act. Coinbase will not allow anyone to amend the act; this is Coinbase's red line, and they will continue to protect the interests of their customers and the cryptocurrency industry. Armstrong added that he personally predicts that in a few years, once banks realize the enormous business opportunities presented by stablecoins, they will change their stance and lobby Congress to allow stablecoins to pay interest and yields. Therefore, what they are doing now is completely futile (and unethical), and the innovator's dilemma remains constant.
It is understood that the current Genius Act requires stablecoin issuers not to provide stablecoin rewards, but trading intermediary platforms such as Gemini, Coinbase, and Kraken can, and this has already been incorporated into the existing legislation. If traditional bankers amend the law to prohibit such behavior, it will stifle stablecoin innovation.
