Crypto Advocates Push Back Against Wall Street Lobbying Over Stablecoin Rewards
Crypto Advocates Push Back Against Wall Street Lobbying Over Stablecoin Rewards
Stand With Crypto, a pro-crypto organization founded by Coinbase, has mobilized its 2.7 million members to counter Wall Street banks lobbying efforts targeting the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. The group reported that members have sent over 250,000 messages to U.S. senators urging them to defend stablecoin rewards and resist pressure from traditional banking associations.
Article Summary
**Crypto Community Mobilizes Against Wall Street's Anti-Stablecoin Campaign** Stand With Crypto, Coinbase's advocacy organization, has launched a massive grassroots campaign involving 2.7 million cryptocurrency supporters to counter traditional banking lobbying against the GENIUS Act. The pro-crypto coalition has generated over 250,000 messages to U.S. senators, defending stablecoin rewards and pushing back against Wall Street's regulatory interference. The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act represents a critical battleground for cryptocurrency regulation, with traditional banking associations attempting to restrict stablecoin functionality. This legislative fight highlights the growing tension between decentralized finance (DeFi) innovation and established financial institutions seeking to maintain market control. The outcome could significantly impact Bitcoin, Ethereum, and the broader blockchain ecosystem, as stablecoin rewards play a crucial role in cryptocurrency adoption and DeFi protocols. Market analysts suggest that regulatory clarity around stablecoins could drive institutional investment and strengthen cryptocurrency market stability. This coordinated resistance demonstrates the crypto community's political maturation and willingness to engage in regulatory battles that could shape the future of digital assets in America.
