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Galaxy CEO: Stablecoin Debate in the "CLARITY Act" Could Derail the Entire Bill
BlockBeats News, January 21st, CEO of Galaxy Digital Mike Novogratz posted on social media, stating that the yield mechanism issue in the stablecoin bill is very tricky and could likely derail the entire bill. Once again, political considerations take precedence over sound policy. Banking institutions are reluctant to allow cryptocurrency platforms to offer yield rewards to users (although the "GENIUS Bill" clearly allows for this operation). If the bill is ultimately rejected, what they truly fear is likely the disruption of the current landscape.
If this issue ultimately leads to the shelving of the market structure bill, the scope of accountability will be very broad, but the primary responsibility will undoubtedly fall on the banking industry and the Republican and Democratic senators supporting them. The biggest loser will be the American consumer. May the voice of reason ultimately prevail.
BlockBeats Note: Whether stablecoins can provide holders with yield is the most contentious point between the traditional banking sector and the crypto industry in the "CLARITY Bill." Leading crypto companies, starting with Coinbase, reject stricter stablecoin regulations being included in the "CLARITY Bill," while stablecoin yield currently accounts for around 18-20% of Coinbase's total revenue (by 2025).
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