Coinbase defends Genius Stablecoin Act amid U.S. bank pushback

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Crypto exchange Coinbase is pushing back against the attempt by U.S. banking groups to have the recently enacted GENIUS Stablecoin Act amended. Summary Coinbase has dismissed U.S. bank warnings ...

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The company said the ongoing “deposit erosion” narrative lacks evidence, arguing that on-chain data and banking statistics show no meaningful shift of funds away from banks.\nThe argument came as a direct response to an August move by U.S. banking associations seeking changes to the GENIUS Act soon after it became law. The banks urged lawmakers to revisit sections of the legislation they believe create competitive disadvantages and potential loopholes for crypto platforms.\nCoinbase pointed to data showing that U.S. banks hold about $3.3 trillion in reserves at the Federal Reserve, earning roughly $176 billion in interest last year. The exchange argued that such figures undercut claims of widespread deposit flight and show banks are not facing the liquidity crunch they suggest.\nThe exchange also challenged projections of a $6 trillion drain in bank deposits from stablecoin growth, noting that total stablecoin supply is expected to reach only about $2 trillion by 2028.\nCoinbase added that most stablecoin use supports payments and remittances rather than pulling money out of savings accounts, and suggested banks are more concerned about losing an estimated $187 billion in annual payment-processing fees than about protecting financial stability.\nWhy US Banking groups are pushing back against the GENIUS Act\nBanking institutions in the United States are urging Congress to tighten the GENIUS Stablecoin Act, arguing that a key “rewards loophole” gives crypto platforms an unfair advantage. The law prohibits stablecoin issuers from paying interest or yield, but banks argue that it does not clearly stop exchanges and other intermediaries from offering reward programs tied to stablecoin holdings.\nThe groups warn that this gap could allow crypto platforms to lure customers with yield-like incentives, divert deposits from traditional banks, and ultimately disrupt credit markets.\nAssociations including the American Bankers Association, Bank Policy Institute, and Consumer Bankers Association have asked lawmakers to amend the Act to close the loophole. Their proposals seek to extend the prohibition on paying “interest, yield, or rewards” to any entity offering stablecoin-related services, not just the issuers themselves.\nBank lobbyists maintain that without these changes, stablecoin platforms will continue to lure deposits away from traditional institutions while operating outside the capital and liquidity requirements that banks must meet, creating what they call an uneven competitive landscape.\nCoinbase’s position echoes that of other industry groups, which maintain that the so-called loophole is not a flaw but a necessary feature to support competition and innovation. They argue that restricting exchanges from offering rewards would unfairly shield banks while limiting consumer choice in the stablecoin market.\n\n\n\n\n\n                You might also like:\n            \n\n                Tether picks Anchorage Digital to set new standard for U.S. stablecoins","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"policyRegulatory","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}