Genius Bill Bans Stablecoin Earnings: Bank Interests First or Crypto Innovation Being Stifled?

Question

【Crypto World】Once the GENIUS Act passes Congress, yield-bearing stablecoins will face a ban—this decision’s biggest beneficiary is actually traditional banks. From a logical standpoint, this policy is fundamentally flawed: why suppress innovation to protect the vested interests of financial institutions?

Yield-bearing stablecoins represent a new category of crypto products that break the monopoly of traditional finance. But once regulation steps in, the entire sector could be abruptly shut down. Banking groups are quietly pushing for market structure adjustments in an attempt to maintain their control.

This is not about protecting consumers, but about protecting the banks’ wallets. If genuine concern lies in financial innovation and user rights, problems should not be solved through bans.

ChainDoctor · Accepted Answer

Coming back to target our track again? The bank's tactics are really ruthless

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The GENIUS Act is Wall Street's moat, blatant and naked

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Banning yield tokens? Why not ban their deposit interest?

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It's a typical defense by vested interests; innovation is still being wiped out

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Basically, they're afraid of being disrupted, yet they pretend to protect consumers

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If this logic holds up, it's suspicious—just openly bullying us

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Banks: The things we monopolize, don't touch them

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Another trick, next time maybe even DeFi will be banned?

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Been seeing through it all along, the old trick of the powerful colluding to crush innovation

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Yield tokens are banned, but their fund products are still flying

PebbleHander · Answer

Suppressing innovation again? Banks are really done for, what are they afraid of?

ChainPoet · Answer

Here we go again, banning yield tokens to supposedly protect consumers? Laughable, honestly it's just the banks being afraid.

It's obvious to everyone but still pretending otherwise, the GENIUS Act is just blatantly protecting vested interests.

Not allowing us to earn yields, what a joke, this regulation is basically murder for innovation.

Banks: We want to protect you. Actually: Don't you dare touch our money.

Really, these bans are just a joke and don't solve any problems at all.

Why should we be the ones to have our innovations strangled just to make banks feel secure?

Once again, it's clear that so-called consumer protection is just a scam.

Passing the GENIUS Act is the end of the road for the entire sector. This move by the banking groups is absolutely brilliant.

OnchainHolmes · Answer

Another bill to cut the leeks? Banks are really playing dirty

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It's 2024 and they're still using bans—truly impressive...

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Stable yield tokens are gone, is the next step the DeFi sector?

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Basically, they're just afraid we'll make money, the banks are panicking

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This move is a textbook-level monopoly, hilarious

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As soon as the ban is announced, innovation dies? Then what's the point of developing Web3?

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Why should the entire ecosystem be sacrificed just to protect their vested interests?

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The banking system is the biggest enemy of Web3, no need to say more

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GENIUS Act? I think it's a Stupid Act

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Regulatory agencies have been bought off by banks, nothing new

SmartContractRebel · Answer

Here we go again, the old tricks played by banking groups... Do they really think we're all fools?

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Banning stablecoins for yield? It’s just because they’re afraid we’ll make money.

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This is ridiculous. Clearly, innovation is being suppressed, and they have to spin it as "protecting consumers."

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Genius Act? It should be renamed the "Bank Self-Rescue Act."

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Why is it that when traditional finance is shaken, they just block the way? I really can't accept this logic.

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It's the same old story: if there's no competition, they just use regulatory power. Truly unbelievable.

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They talk about bans, but it’s really just because they’re afraid retail investors will earn yields through stablecoins, threatening their cake.

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If this bill passes, Web3 will have to take a step back by several years... It’s so disgusting.

GasFeePhobia · Answer

Uh... here we go again? The bank's tactics are really ruthless, afraid that we might make money.

ImpermanentSage · Answer

Another bill to cut leeks, the banks are scared

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Basically, traditional finance is afraid of being disrupted, using regulation as a sword

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These people are really incredible, banning innovation to protect monopolies, what's the logic?

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Stable yield tokens are so useful, yet they want to kill them off, I’m convinced

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Banks: Don’t touch our bread and butter, alright everyone

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It's the same old trick again, innovation is suppressed, privileges are protected

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They are really brazen, not even bothering to come up with reasons

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After the ban is issued, the beneficiaries are still those institutions, what about us

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It’s always like this, when policies come out, first see who profits

Genius Bill Bans Stablecoin Earnings: Bank Interests First or Crypto Innovation Being Stifled?

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