Coinbase CEO Brian Armstrong warns against reopening the GENIUS Act, accusing banks of blocking competition from stablecoins and fintech platforms. Armstrong predicts banks will eventually lobby for stablecoin interest payments. The GENIUS Act prohibits stablecoin issuers from paying interest directly but allows rewards from third parties. Bank lobbying targets stablecoin “rewards” due to perceived threats to traditional banking models. US lawmakers propose tax relief for stablecoin payments, aiming to exempt small transactions from capital gains taxes and defer income recognition on staking and mining rewards for up to five years.

Read more at CoinTelegraph: Reopening GENIUS Act Is a ‘Red Line’ for Crypto