The Loophole Turning Stablecoins Into a Trillion-Dollar Fight | NYGazet

The GENIUS Act barred stablecoin issuers from paying interest. But in allowing cryptocurrency exchanges to offer rewards, it set off a high-stakes clash with the US banking industry.

On July 18, after more than a decade of legal uncertainty, US lawmakers finally brought part of the crypto industry into the regulatory fold. The newly signed Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act requires issue... [2997 chars]