U.S. Senators Get 250K Letters Calling for Protection of Stablecoin Yields

The advocacy group Stand With Crypto has launched a letter-writing campaign urging U.S. senators to support the continuation of stablecoin rewards amidst intense lobbying from banks. This initiative follows a significant backlash against proposed regulations that could restrict stablecoin yields, as proposed in the GENIUS Act, which is aimed at establishing rules for U.S. stablecoins. The Act, passed earlier this year, currently prohibits stablecoin issuers from directly offering interest or yields, but their affiliates can still do so. In response to concerns that these regulations might hinder competition and affect consumer benefits, Stand With Crypto mobilized over 250,000 letters encouraging lawmakers to protect consumer rights and stablecoin yields. The campaign emphasizes that restricting rewards would undermine the potential value users could earn on their stablecoin holdings.

Source 🔗