Ripple and Coinbase Join 120+ Firms to Lobby Against Stablecoin Reward Bans

• Crypto groups urge Congress not to reopen GENIUS Act stablecoin provisions.
• Industry says platform rewards do not harm banks or cause deposit outflows.
• Over 125 firms, including Coinbase and Stripe, signed the policy letter.

More than 125 cryptocurrency companies, investors and trade groups have urged U.S. lawmakers not to reopen a provision of proposed stablecoin legislation, warning that changes could reduce consumer choice and slow innovation.

The Blockchain Association and dozens of signatories including Ripple, Coinbase, and Stripe, addressed a Dec. 18 letter to Senate Banking Committee Chair Tim Scott and Ranking Member Elizabeth Warren saying efforts to reinterpret the GENIUS Act would go beyond what Congress originally approved.

Industry Warns Against Reopening Settled Compromise

The GENIUS Act bars stablecoin issuers from paying interest or yield dir…

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