The GENIUS Act banning yield-bearing stablecoins will stifle crypto innovation

Odaily Planet Daily reports that lawyer Jake Chervinsky posted on the X platform stating that Congress passing the GENIUS Act to ban yield-bearing stablecoins has handed significant benefits to banks. The policy has no valid reason from the start and stifles an entire category of innovative crypto products. Currently, banks are attempting to further disrupt the market structure, and they oppose this move.

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