So, here’s the scoop: Crypto bigwigs are pulling out all the stops to sweet-talk Congress into letting stablecoin issuers share some of that sweet, sweet interest with users. 🍯 Because, you know, who doesn’t love a little extra cash in their digital wallet?
According to Reuters (yes, the same folks who report on stock market crashes and cat videos), these digital asset gurus are pushing for regulations that would allow stablecoin issuers to pass on interest to holders. Because apparently, stablecoins are the new savings accounts, but with more blockchain and less paperwork. 📜
Stablecoins, for those of you who’ve been living under a rock, are digital assets pegged to real-world currencies like the US dollar. Issuers invest their dollar reserves in low-risk assets like US Treasuries to generate yield. And now, they want to share that yield with users. Because sharing is caring, right? 🤗
Coinbase CEO Brian Armstrong chimed in with this gem:
“Unlike interest-bearing checking and savings accounts, stablecoins do not currently benefit from the same exemptions under the securities laws that allow issuers to pay interest to users. Stablecoins should be able to pay interest just like an ordinary savings account, without the onerous disclosure requirements and tax implications imposed by securities laws.”
Translation: “Let us pay interest, or we’ll cry. 😭”
Last month, the GENIUS Act (yes, that’s its real name) got a thumbs-up from the Senate Banking Committee with a bipartisan 18-6 vote. And just last week, the House Financial Services Committee passed the STABLE Act of 2025 with a 32-17 vote. 🗳️
The STABLE Act of 2025 says stablecoin issuers can’t pay yield to holders, while the GENIUS Act is a bit wishy-washy on the matter. Because nothing says “genius” like vague legislation, right? 🤔
But wait, there’s more! A source close to the matter says lawmakers are open to the idea of allowing issuers to pay interest on stablecoin holdings. Because who doesn’t love a good plot twist? 🎭
Of course, traditional financial firms are throwing a fit. The American Bankers Association is all like, “If you let stablecoins pay interest, everyone will move their money out of banks and into stablecoin wallets!” 🏦💸
Well, duh. That’s the whole point, isn’t it? 😏
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2025-04-06 23:01