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After China’s latest move with its Digital Yuan, multiple crypto industry executives have cautioned that the US banks’ push to prohibit all interest payments on stablecoins could give a major advantage to their global rivals.
US Risks Giving China A Major Global Advantage
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On Tuesday, Coinbase’s Chief Policy Officer (CPO), Faryar Shirzad, warned the US Congress that banning interest payments on the digital assets could risk diminishing the legislative efforts and victories obtained this year with the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act.
In an X post, Shirzad affirmed that “tokenization is the future and the GENIUS Act was a visionary move by POTUS and Congress to
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