250K Letters Demand U.S. Senators Protect Stablecoin Yields in GENIUS Act

In response to Wall Street bank lobbying efforts, crypto advocacy group Stand With Crypto mobilized its online members to send over 250,000 messages to U.S. senators, defending stablecoin rewards provisions in the GENIUS Act. The organization—originally founded by Coinbase—crafted letters urging lawmakers to reject banking industry attempts to rewrite legislation that would eliminate stablecoin issuers' ability to offer yields. The GENIUS Act, which became law earlier this year, prohibits direct yield offerings from stablecoin issuers but permits affiliates and exchanges to provide them. Banking associations argue this could trigger significant deposit outflows and impact money-market funds, while crypto advocates emphasize consumer benefits and parallel protections for credit card rewards. Despite the law's passage, regulatory implementation faces delays due to ongoing government budget disputes.