125 institutions jointly oppose the revision of the stablecoin bill, trading platforms worry about hindering innovation

【Crypto World】The major event in the crypto circle these days—Gemini has joined over 125 companies and institutions in speaking out. They issued a statement on social media, demanding that the U.S. Congress preserve the original form of the GENIUS Act and not rewrite it arbitrarily.

What’s the reason behind this? The issue of stablecoin rewards. Currently, the bill stipulates that stablecoin issuers cannot directly provide rewards to users, but intermediaries like Gemini, certain compliant platforms, and some exchanges are allowed to do so—this has already been permitted under the existing law.

Gemini’s founder Tyler Winklevoss specifically emphasized: Stablecoin rewards are beneficial to consumers and can promote competition. Legally, this stance is justifiable. The key issue is—if traditional banks want to amend the law to prohibit such activities by trading platforms, then innovation in the stablecoin ecosystem will be suppressed. This not only harms innovation but also undermines the industry’s overall certainty expectations.

In simple terms, the joint statement from these 125 institutions is saying: Don’t change the current rules. The market has finally gained a clear legal framework, so don’t mess it up.