- Gemini, among others, urges Congress to preserve Genius Act.
- Restricting rewards could hinder stablecoin innovation.
- Winklevoss criticizes possible banking overreach in legislative processes.
Gemini, alongside 125 entities, urged the U.S. Congress to maintain the Genius Act’s original text, opposing amendments that could limit stablecoin rewards and impact innovation.
Altering the Genius Act could stifle competition and innovation in the cryptocurrency market, affecting platforms’ ability to offer consumer incentives and broader stablecoin ecosystem growth.
Crypto Giants Rally to Protect Stablecoin Incentives
Gemini, along with over 125 organizations, has reached out to U.S. Congress with a letter advocating for the integrity of the Genius Act, essentially warning against any changes that might restrict stablecoin rewards. This collective action, led by Tyler Winklevoss, underscores the industry’s stance on maintaining the existing legislative provisions that allow platforms like Gemini, Kraken, and Coinbase to offer stablecoin incentives.
Amending the Genius Act could stifle innovation by prohibiting stablecoin issuers from providing rewards. This alteration might hinder platforms that currently service a large portion of the stablecoin market, impacting consumer access and competition. The legislative discourse highlights the tension between traditional banking sectors and the burgeoning cryptocurrency industry.
Tyler Winklevoss, Co-Founder, Gemini, criticized what he called banking overreach, saying the banks want to relitigate a settled legislative issue.
Genius Act: The Regulatory Backbone for Stablecoins
Did you know? The Genius Act, passed in June 2025, is a landmark legislation for stablecoin regulation in the U.S., setting requirements akin to those seen in European and Hong Kong frameworks.
USDC, a primary stablecoin influenced by the Genius Act, remains consistent at $1.00, per CoinMarketCap. Its market cap is $77.09 billion, supported by full reserves and a steady trading volume of $9.77 billion. Recent 24-hour changes showcase a small rise of 0.01%, indicating stability.
The Coincu research team notes that any amendments to the Genius Act could trigger regulatory uncertainty, potentially impacting stablecoin incentives and risk management strategies. This might lead to shifts in the technological and financial landscape akin to patterns seen in the global crypto market.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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