So, here’s the deal: American bankers are freaking out because they think Coinbase is trying to outsmart the GENIUS Act. 🤓 Meanwhile, Coinbase is like, “Hey, Treasury, can you make sure you’re not messing up Congress’s original plan?” 🧐 It’s like a bad sitcom, but with more money and fewer laughs.
Coinbase: “Interest Restrictions? More Like Suggestions, Right?” 😏
According to the bill, signed by you-know-who back in July, stablecoin issuers can’t pay interest or yield to holders. But Coinbase is like, “Wait, we’re not the issuers, so we’re good, right?” 🤑 Classic loophole hunting. Love it or hate it, it’s peak Larry David energy.
In their November 4th letter, Coinbase basically said, “If you call loyalty programs ‘interest,’ you’re ruining everything Congress wanted.” 😤 They even warned that misinterpreting the act would hurt consumers. Because, you know, nothing says “consumer protection” like crypto loopholes. 🙄
Banks: “No Interest for You!” 🏦🚫
The banking sector is having a collective meltdown. The Consumer Bankers Association, the American Bankers Association, and their buddies are like, “Congress meant what they said! No interest, no yields, no nothing!” 💼 They’re worried stablecoins will turn into investment products and steal their depositors. Drama, drama, drama.
Their letter was basically, “If you let stablecoins pay interest, they’ll become bank accounts 2.0, and we’ll be left with nothing but our fancy lobbies.” 🏛️ Yikes. Someone call a therapist for these banks.
Oh, and Coinbase didn’t stop there. They also said stablecoins should be taxed like cash, not debt. Because, apparently, simplicity is too much to ask for in this financial circus. 🎪
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2025-11-08 16:13