GENIUS Act Ban on Yield-Bearing Stablecoins Will Stifle Crypto Innovation

Odaily News, lawyer Jake Chervinsky stated on platform X that Congress, by passing the GENIUS Act to ban yield-bearing stablecoins, has granted significant benefits to banks. This policy lacked reasonable justification from the outset and stifles an entire category of innovative crypto products. Currently, banks are attempting to further disrupt the market structure, and he expressed opposition to this.