The core debate around the GENIUS Act right now, and the main point of contention: ❌ Prohibited: Stablecoin issuers (like Tether/Circle) are not allowed to directly pay interest to users (to protect banks). ✅ Allowed (with a loophole): Third-party platforms (like exchanges, wallets) can offer 'rewards' or indirect returns. Current conflict (end of 2025): Banks: Argue that 'third-party rewards' are exploiting a loophole and demand regulators expand the ban to completely cut off stablecoin returns, preventing deposit outflows. Crypto: Coinbase CEO Brian Armstrong and 125+ companies jointly oppose expanding the ban. Argument: Citing CRA research data to prove that stablecoins have not caused abnormal bank deposit outflows; banning rewards is equivalent to stifling innovation (similar to banning credit card points). The act has already taken effect, the framework is clear, and market confidence is growing (market cap surpassing $300 billion). However, implementation details are still being finalized. If regulators are influenced by bank lobbying and tighten the definition of 'indirect returns,' it will discourage users from holding stablecoins. At its core, this is still a battle between traditional financial monopoly interests and digital financial technology innovation. But I firmly believe the trend is irreversible, and banks will eventually embrace crypto.